2024-07-31 Mastercard Incorporated (MA) Q2 2024 Earnings Call Transcript

Mastercard Incorporated (NYSE:MA) Q2 2024 Earnings Conference Call July 31, 2024 9:00 AM ET

万事达卡公司（纽约证券交易所代码：MA）2024 年第二季度财报电话会议 2024 年 7 月 31 日上午 9:00（东部时间）

Company Participants 公司参与者

Devin Corr - Head of Investor Relations

德文·科尔 - 投资者关系主管

Michael Miebach - Chief Executive Officer

迈克尔·米巴赫 - 首席执行官

Sachin Mehra - Chief Financial Officer

萨钦·梅赫拉 - 首席财务官

Conference Call Participants

电话会议参与者

Harshita Rawat - Sanford C. Bernstein & Co., LLC

哈希塔·拉瓦特 - 桑福德·C·伯恩斯坦公司

Trevor Williams - Jefferies

特雷弗·威廉姆斯 - 杰富瑞

Daniel Perlin - RBC Capital Markets

丹尼尔·佩林 - RBC 资本市场

David Togut - Evercore ISI

大卫·托古特 - Evercore ISI

Darrin Peller - Wolfe Research

达林·佩勒 - 沃尔夫研究

David Koning - Baird

大卫·科宁 - 贝尔德

Tien-Tsin Huang - JPMorgan Chase & Co.

田津黄 - 摩根大通公司

Dan Dolev - Mizuho

丹·多莱夫 - 瑞穗

Andrew Jeffrey - William Blair

安德鲁·杰弗里 - 威廉·布莱尔

Fahed Kunwar - Redburn Atlantic.

法赫德·昆瓦尔 - 红烧大西洋。

Paul Golding - Macquarie Capital

保罗·戈尔丁 - 麦格理资本

Andrew Schmidt - Citi

安德鲁·施密特 - 花旗

Sanjay Sakhrani - KBW

桑贾伊·萨克拉尼 - KBW

Operator 操作员

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q2, 2024 Earnings Conference Call. [Operator Instructions].

早上好。我的名字是朱莉安，今天我将是您的会议操作员。此时，我想欢迎大家参加万事达卡公司 2024 年第二季度财报电话会议。[操作员指示]。

Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

德文·科尔先生，投资者关系负责人，您可以开始您的会议。

Devin Corr 德文·科尔

Thank you, Julianne. Good morning, everyone, and thank you for joining us for our second quarter 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then, that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com.

谢谢你，Julianne。大家早上好，感谢大家参加我们 2024 年第二季度的财报电话会议。今天与我一起的是我们的首席执行官 Michael Miebach 和首席财务官 Sachin Mehra。在 Michael 和 Sachin 的发言之后，运营人员将宣布您可以进入问答环节的机会。只有在那时，问答环节的队列才会开放。您可以在我们网站的投资者关系部分，mastercard.com，访问我们的财报、补充业绩数据和本次会议的幻灯片。

Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.

此外，公告今早已提交给 SEC。我们今天关于财务结果的评论将以非 GAAP 货币中立的基础进行，除非另有说明。公告和幻灯片中均包含非 GAAP 指标与 GAAP 报告金额的调节。

Finally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.

最后，正如我们在财报中更详细说明的，我想提醒大家，今天的电话会议将包括关于万事达卡未来表现的前瞻性声明。实际表现可能与这些前瞻性声明有重大差异。可能影响未来表现的因素信息已在我们财报的末尾和最近的 SEC 文件中总结。此次电话会议的重播将在我们的网站上发布 30 天。

With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

现在，我将把电话交给我们的首席执行官，迈克尔·米巴赫。

Michael Miebach 迈克尔·米巴赫

Thank you, Devin. Good morning everyone. The headline this quarter we delivered very strong results powered by broad based momentum across all aspects of our business. Second quarter net revenues were up 13% and adjusted net income up 24% versus a year ago on a non-GAAP, currency neutral basis. These results were underpinned by healthy consumer spending, including strong cross border volume growth of 17% year-over-year on a local currency basis and value added services and solutions net revenue grew 19% year-over-year on a currency neutral basis.

谢谢你，德文。大家早上好。本季度的亮点是我们在业务各个方面都实现了强劲的业绩。第二季度净收入同比增长 13%，调整后的净收入同比增长 24%，基于非 GAAP 和货币中性基础。这些业绩得益于健康的消费者支出，包括按当地货币计算的跨境交易量同比增长 17%，增值服务和解决方案的净收入同比增长 19%，基于货币中性基础。

The macroeconomic environment remains mixed and we continue to monitor the positives and negatives. A few to note, strength in consumer spending continues to be supported by a solid labor market and wage growth. While there are some signs of labor market growth moderating, this is off very strong levels of job creation, as in also, inflation and interest rates remain in focus.

宏观经济环境依然复杂，我们继续关注积极和消极因素。值得注意的是，消费者支出的强劲仍然得到稳健劳动力市场和工资增长的支持。尽管劳动力市场增长的迹象有所减弱，但这仍然是在非常强劲的就业创造水平上。此外，通货膨胀和利率仍然是关注的焦点。

We've seen inflation cool, but to varying degrees across carded and non-carded categories. Price levels are still elevated for many goods and services. Interest rates also remain elevated, but many central banks have started to ease and economic indicators support broader rate reductions. While tailwinds and headwinds to economic growth remain on balance, we remain positive about our growth outlook, but that as a backdrop, we remain focused on executing our strategic priorities, which fuel our growth algorithm across core payments, new payment flows and services.

我们看到通胀有所降温，但在有卡和无卡类别之间程度不一。许多商品和服务的价格水平仍然较高。利率也保持在高位，但许多中央银行已开始放松，经济指标支持更广泛的降息。尽管经济增长的顺风和逆风仍然相对平衡，我们对增长前景持乐观态度，但在此背景下，我们仍然专注于执行我们的战略优先事项，这些优先事项推动我们在核心支付、新支付流和服务方面的增长算法。

You may remember that we recently announced organizational changes to further increase our focus on these priorities. They included the realignment of both regional operations and payments and services to support our growth algorithm. These changes were designed to accelerate growth and unlock capacity to invest in long-term business opportunities. This also helps us continue to deliver positive operating leverage over the long-term.

您可能还记得我们最近宣布了组织变革，以进一步增强我们对这些优先事项的关注。这些变革包括对区域运营和支付及服务的重新调整，以支持我们的增长算法。这些变化旨在加速增长并释放投资于长期商业机会的能力。这也帮助我们在长期内继续实现积极的运营杠杆。

For example, we plan to redeploy resources into growth markets with high cash levels. We will invest in opening acceptance in new verticals, and we will continue to apply technology to help us realize even more of the shift to digital across both consumer and commercial.

例如，我们计划将资源重新部署到现金水平较高的增长市场。我们将投资于在新垂直领域开设接受渠道，并将继续应用技术，帮助我们在消费和商业领域实现更多的数字化转型。

We will also enhance and expand our value added services, such as in data analytics, fraud and cybersecurity, particularly as we further embed AI into our products and services. As a result of this organizational realignment, which positions us well for the long-term growth, we expect to incur a one-time restructuring charge in the third quarter.

我们还将增强和扩展我们的增值服务，例如数据分析、欺诈和网络安全，特别是在我们进一步将人工智能嵌入我们的产品和服务时。由于这次组织重组使我们在长期增长中处于良好位置，我们预计在第三季度将产生一次性重组费用。

Now, moving on to an update on some specific elements of our growth algorithm. In payments, we're driving growth by winning and retaining deals, and we're tapping into the vast secular shift opportunity by expanding in new geographies and further digitizing the payments ecosystem.

现在，接下来更新一下我们增长算法的某些具体要素。在支付方面，我们通过赢得和保留交易来推动增长，并通过在新地区扩展和进一步数字化支付生态系统来利用巨大的长期转型机会。

Let's start with our continued deal momentum. I'm happy to announce that Varo Bank will convert their debit and credit portfolios to Mastercard. They were the first all digital bank to receive a national charter in the United States. Varo chose Mastercard due to our differentiated data insights, merchant funded offers platform and our ability to seamlessly integrate into their technology stack.

让我们开始讨论我们持续的交易势头。我很高兴地宣布，Varo Bank 将把他们的借记卡和信用卡组合转换为 Mastercard。他们是美国第一家获得国家特许经营权的全数字银行。Varo 选择 Mastercard 是因为我们的差异化数据洞察、商户资助的优惠平台以及我们能够无缝集成到他们的技术架构中。

We extended our enterprise agreement with Wells Fargo and partnered to launch the Attune World Elite Mastercard. This is our first proprietary consumer credit program with the bank. We also want to renew deals this quarter with key US prepaid partners, including Ouro, H&R Block, Blackhawk Network, [Relevate] (ph) and Dash Solutions. In aggregate, these partnerships will drive meaningful increase in our US prepaid market share.

我们与富国银行延长了企业协议，并合作推出了 Attune World Elite Mastercard。这是我们与该银行的第一个专有消费信贷项目。我们还希望在本季度与关键的美国预付合作伙伴续签协议，包括 Ouro、H&R Block、Blackhawk Network、[Relevate]（音）和 Dash Solutions。总体而言，这些合作关系将推动我们在美国预付市场份额的显著增长。

In Canada, we extended our longstanding partnership with the National Bank of Canada across consumer credit, commercial and prepaid for the next decade. And PostaPay, who already issues millions of Mastercard cards in Italy, has expanded our collaboration to drive additional growth across debit and prepaid.

在加拿大，我们与加拿大国家银行的长期合作关系在消费信贷、商业和预付卡领域延续至下一个十年。而已经在意大利发行数百万张 Mastercard 卡的 PostaPay，已扩大我们的合作以推动借记卡和预付卡的额外增长。

Let's deep dive into a few specific verticals and geographies. Travel is, of course a key focus. It has strong growth potential and a meaningful cross border component. Travel is also a natural fit with our virtual card technology and our marketing loyalty and consulting capabilities. We executed several new travel partnerships this quarter. We signed a deal with global digital payments provider checkout.com to enable them to deploy their virtual card issuing solution to their online travel agency customers.

让我们深入探讨几个特定的垂直领域和地理区域。旅行当然是一个关键焦点。它具有强大的增长潜力和重要的跨境组成部分。旅行与我们的虚拟卡技术以及我们的营销忠诚度和咨询能力自然契合。我们在本季度执行了几项新的旅行合作伙伴关系。我们与全球数字支付提供商 checkout.com 签署了一项协议，使他们能够向其在线旅行社客户部署虚拟卡发行解决方案。

We also announced a multi-year agreement with Wells Fargo and Expedia to launch two new co-brand cards with a range of unique travel benefits. And we executed a new co-brand deal with Dashen Bank and Ethiopian Airlines, the largest airline in Africa. This builds on a co-brand deal with RwandAir and I&M Rwanda that we initiated earlier this year.

我们还宣布与富国银行和 Expedia 达成了一项多年协议，推出两款具有多种独特旅行福利的新联名卡。我们与大盛银行和埃塞俄比亚航空（非洲最大的航空公司）签署了一项新的联名协议。这是在今年早些时候我们与卢旺达航空和 I&M 卢旺达启动的联名协议基础上进行的。

I'm sure it wasn't lost on you that these two last deals I mentioned are in Africa. The continent is a great example of the vast secular opportunity in emerging markets. External sources estimate that approximately 90% of transactions in Africa are made in cash. We are committed to the digital transformation of the regions and we're doing so by ranking up our investments, developing new partnerships and rapidly expanding our acceptance footprint.

我相信你一定注意到了我提到的这两个交易是在非洲。这个大陆是新兴市场中巨大市场机会的一个很好的例子。外部来源估计，非洲大约 90%的交易是以现金进行的。我们致力于该地区的数字化转型，我们通过增加投资、发展新伙伴关系和快速扩展我们的接受网络来实现这一目标。

这个方式比直接去非洲挖矿要好。

For example, Africa is the world's largest adopter of mobile money accounts. Our partnerships with large telcos and mobile network operators like Airtel, MTN, Vodafone Egypt and others put us in a great position to accelerate inclusion and cash conversion.

例如，非洲是全球最大的移动货币账户采用者。我们与大型电信公司和移动网络运营商如 Airtel、MTN、Vodafone Egypt 等的合作使我们处于一个极佳的位置，以加速包容性和现金转化。

On the acceptance front, we've more than tripled the number of acceptance locations in Africa over the last five years. We recently signed deals with the Commercial Bank of Ethiopia, the largest bank in the country, and I&M Bank in Kenya. These partnerships will enable us to increase share in both markets.

在接受方面，过去五年我们在非洲的接受地点数量增加了三倍以上。我们最近与埃塞俄比亚最大的银行——埃塞俄比亚商业银行，以及肯尼亚的 I&M 银行签署了协议。这些合作将使我们在这两个市场中增加份额。

In Nigeria and Ghana, we partner with BlueSoft Financial, who will work with fintechs across the region to issue Mastercard cards. Also, our Mastercard Move capabilities are the foundation for a new cross-border money movement solution with Access Bank Group.

在尼日利亚和加纳，我们与 BlueSoft Financial 合作，他们将与该地区的金融科技公司合作发行万事达卡。此外，我们的万事达卡移动能力是与 Access Bank Group 合作的新跨境资金转移解决方案的基础。

Together, we're enabling businesses and consumers in several African markets to send and receive international payments across over 140 countries. Now this secular opportunity is not limited to Africa. We see opportunities around the globe. Think about emerging markets in Latin America and Asia Pacific. Fully capitalizing on that secular trend requires that we continue to innovate to support the digital economy at scale, and we're doing just that.

我们正在帮助多个非洲市场的企业和消费者在 140 多个国家之间发送和接收国际支付。现在，这一长期机会并不限于非洲。我们看到全球范围内的机会。想想拉丁美洲和亚太地区的新兴市场。充分利用这一长期趋势需要我们继续创新，以大规模支持数字经济，而我们正是这样做的。

We're enhancing the checkout experience and expanding our tap-on-phone acceptance capabilities. We're scaling our contactless technology in areas like transit, and we are driving the ongoing conversion of Maestro to Debit Mastercard.

我们正在提升结账体验，并扩展我们的手机触碰支付接受能力。我们正在在交通等领域扩大我们的非接触式技术，并推动 Maestro 向借记 Mastercard 的持续转换。

Let's dig into one, online shopping. It must be simple and it must work on all devices and all channels. That's why we are leaning into a new area of one-click payments. We announced that we will phase out manual card entry for e-commerce payments in Europe by 2030 in favor of a one-click checkout button. There are three foundational components to this effort, all anchored on driving simplicity and security.

让我们深入探讨一下在线购物。它必须简单，并且必须在所有设备和所有渠道上都能使用。这就是为什么我们正在向一键支付的新领域倾斜。我们宣布到 2030 年，我们将在欧洲逐步淘汰电子商务支付的手动卡片输入，转而采用一键结账按钮。这个努力有三个基础组成部分，全部以推动简单性和安全性为基础。

First, tokenization. Tokenization replaces payment credentials with a digitally secure token. When deployed, fraud rates decrease and approval rates improve. So launching a decade ago, the technology has been broadly adopted around the world. In fact, we surpassed $22 billion tokenized transactions in the first half of 2024, up 49% versus a year ago.

首先，代币化。代币化用数字安全的代币替代支付凭证。实施后，欺诈率降低，批准率提高。因此，十年前推出的这项技术已在全球广泛采用。事实上，我们在 2024 年上半年超过了 220 亿美元的代币化交易，同比增长 49%。

这是可以实现的技术，把交易圈在自己的系统内。

Second is Click to Pay. Click to Pay simplifies online guest checkout by eliminating the need to manually enter payment credentials. Guest checkout becomes as easy as remembering your e-mail address. It also makes checkout more secure using the token technology I just mentioned. We are working with our merchants and bank partners to drive adoption. Click to Pay transactions more than doubled year-over-year in the first half of 2024.

第二个是点击支付。点击支付通过消除手动输入支付凭证的需要，简化了在线访客结账流程。访客结账变得像记住您的电子邮件地址一样简单。它还利用我刚提到的令牌技术使结账更加安全。我们正在与我们的商家和银行合作伙伴共同推动采用。2024 年上半年，点击支付交易量同比增长超过一倍。

And third, up payment passkeys. Passkeys eliminate the need for passwords or text for onetime pass codes. They allow consumers to authenticate online purchases using a fingerprint or facial features that you use every day when opening your phone. When combined, these powerful technologies are enabling us to deliver on our promise of a simple and secure one-click online checkout experience for consumers.

第三，提升支付密钥。支付密钥消除了对密码或一次性验证码的需求。它们允许消费者使用指纹或面部特征来验证在线购买，这些特征是您每天解锁手机时使用的。当这些强大的技术结合在一起时，使我们能够兑现为消费者提供简单安全的一键在线结账体验的承诺。

库克说苹果的想法比资源多，可以做的事非常多，比如支付，清算和消费信贷估计还没感兴趣。

We also continue to enhance in-store checkout. For example, we are scaling our biometric checkout program to new regions. In Europe, we're partnering with Polish Fintech payee to allow shoppers to pay with a simple glance. And in Latin America, we are working with Ingenico, so that consumers that participate in supermarkets can pay with a wave.

我们还在不断提升店内结账体验。例如，我们正在将生物识别结账程序扩展到新的地区。在欧洲，我们与波兰金融科技公司 payee 合作，让购物者只需简单一瞥即可付款。在拉丁美洲，我们正在与 Ingenico 合作，使参与超市的消费者可以通过挥手付款。

We're also working at pace to migrate Maestro cards to Debit Mastercard outside the United States. Shifting to Debit Mastercard is a critical element of our strategy as we see a 2x spend lift on cards once they are migrated. This is primarily due to the ability to capture both cross-border and online spend on debit Mastercard.

我们也在快速推进将美国以外的 Maestro 卡迁移到借记 Mastercard。转向借记 Mastercard 是我们战略的关键要素，因为我们发现卡片迁移后消费提升了 2 倍。这主要是由于能够捕捉到借记 Mastercard 上的跨境和在线消费。

The first half of 2024, we converted over 14 million cards, which brings us to almost 300 million cards migrated since 2016. These innovations are examples of the investments we are making to differentiate the MasterCard experience versus other payment methods like P2P or local payment schemes. We also continue to capture the large secular opportunity in targeted new payment flows.

2024 年上半年，我们转换了超过 1400 万张卡，这使我们自 2016 年以来迁移的卡片总数接近 3 亿张。这些创新是我们为区分 MasterCard 体验与其他支付方式（如 P2P 或本地支付方案）所做投资的例子。我们还继续抓住针对新支付流的大规模长期机会。

Today, I will focus on commercial, starting with accounts payable payments. We are operating from a position of strength. Our market-leading virtual card capabilities have been deployed with over 90 issuers worldwide. Additionally, we are integrating our technology into four of the top five leading global procure-to-pay solution providers, completed the integration of our virtual card technology into Oracle Cloud ERP and commenced invoice payments for the first HSBC corporate customer in US.

今天，我将重点关注商业，首先是应付账款支付。我们正处于一个强势的位置。我们市场领先的虚拟卡能力已与全球 90 多家发行商部署。此外，我们正在将我们的技术整合到全球五大领先的采购到支付解决方案提供商中的四家，完成了将我们的虚拟卡技术整合到 Oracle Cloud ERP 中，并为第一家汇丰银行美国企业客户开始了发票支付。

On the supplier side, we signed several acquirers onto Mastercard receivables managers. This includes Elavon, whose customers are using our AI-powered platform to streamline the process of accepting virtual cards. We also continue to expand distribution of our virtual cards, signing new deals with Brex and ad groups world first.

在供应商方面，我们让几家收单机构签约加入了万事达卡应收账款管理平台。这包括Elavon，其客户正在使用我们的人工智能平台来简化接受虚拟卡的流程。我们还继续扩大虚拟卡的分销，与Brex和ad groups world first签订了新的协议。

On commercial point of sale, we're increasing the distribution of our commercial card products worldwide. In the US, the Wells Fargo small business credit card portfolio migration is now complete. In Europe, we've extended our partnership with Virgin Money to continue growing our small business portfolio, and our partnership with SAP Concur, which automatically integrates our corporate card data into Concur expense is yielding results. Large insurer Score awarded their T&E card program to Mastercard based on the value delivered through this joint offering.

在商业销售点方面，我们正在全球范围内增加我们的商业卡产品的分销。在美国，富国银行小型企业信用卡组合的迁移现在已经完成。在欧洲，我们与维珍货币扩展了合作伙伴关系，以继续增长我们的小型企业组合，我们与SAP Concur的合作，该合作自动将我们的企业卡数据整合到Concur费用中，正在产生成果。大型保险公司Score基于通过这一联合提供的价值，将他们的T&E卡计划授予了万事达卡。

And finally, we're executing against our strategy to penetrate new B2B verticals. This quarter, we signed an exclusive partnership with Latin America, with CBC, the largest Pepsi distributor in the region, and the fintech enabler YalloTech Migo payments. This partnership will provide car distribution acceptance and financial education to almost two million retailers. These small businesses can now use their Mastercard small business cards to purchase inventory and other items.

最后，我们正在执行我们的策略，以渗透新的B2B垂直领域。这个季度，我们与拉丁美洲签署了一项独家合作伙伴关系，与该地区最大的百事可乐经销商CBC，以及金融科技赋能者YalloTech Migo支付。这一合作伙伴关系将为近200万家零售商提供汽车分销接受度和金融教育。这些小型企业现在可以使用他们的万事达卡小型企业卡来购买库存和其他物品。

In the health care space, we signed an exclusive partnership with the Medical Tourism Association. They will now accept cards from consumers and utilize virtual cards to make cross-border payments to medical providers. Separately, we are working with Square to broaden card acceptance amongst smaller health care providers in the U.K.

在医疗保健领域，我们与医疗旅游协会签署了独家合作伙伴关系。他们现在将接受消费者的卡，并利用虚拟卡向医疗服务提供者进行跨境支付。此外，我们正在与 Square 合作，扩大在英国小型医疗服务提供者中的卡接受度。

Now turning to services, payments support our services and vice versa. Services played an important part in winning many of the deals I just mentioned. And the strong payments drivers helped fuel services growth. That, coupled with strong demand drove 19% value-add services and solutions net revenue growth in the second quarter on a year-over-year currency neutral basis, this is our powerful flywheel turning.

现在转向服务，支付支持我们的服务，反之亦然。服务在赢得我刚提到的许多交易中发挥了重要作用。强劲的支付驱动因素帮助推动了服务的增长。加上强劲的需求，推动了第二季度按年同比货币中性计算的增值服务和解决方案净收入增长 19%，这就是我们强大的飞轮在转动。

I'm excited about our momentum and the future potential whether it's deepening penetration of existing customers, launching new capabilities or distributing our services in new ways and across new customer and transaction types. A few examples. First, our services help to improve MasterCard issuer portfolio performance, thereby supporting our customers' core business objectives. For example, SEB in the Baltics is building their customer loyalty strategy together with Mastercard and Revolut is working with us to develop and execute their marketing strategy, launching campaigns across the U.K., Ireland and Italy.

我对我们的势头和未来潜力感到兴奋，无论是加深现有客户的渗透，推出新的能力，还是以新的方式和跨新的客户及交易类型分发我们的服务。一些例子。首先，我们的服务有助于提高万事达卡发行商组合的性能，从而支持我们客户的核心业务目标。例如，波罗的海的SEB正在与万事达卡一起构建他们的客户忠诚度战略，而Revolut正在与我们合作，制定并执行他们的营销策略，在英、爱尔兰和意大利开展活动。

We're also deploying our services across non-FIs, helping to diversify our business and capture a new set of growth opportunities. Customers as varied as Paramount and McDonald's in Taiwan are using our test and learn capabilities to address core business needs, including media measurement and new product introductions. And we're working with LATAM Airlines in Brazil to optimize their co-brand portfolio and develop innovative marketing campaigns.

我们还在向非金融机构部署我们的服务，帮助我们多元化业务并抓住一系列新的增长机会。从台湾的派拉蒙和麦当劳等不同客户都在使用我们的测试和学习能力来解决核心业务需求，包括媒体测量和新产品的推出。我们还在与巴西的拉丁美洲航空公司合作，优化他们的联合品牌组合并开发创新的营销活动。

We're partnering to distribute our capabilities in new and more efficient ways, Salesforce has integrated our dispute resolution services into its financial services cloud. This enables banks and other financial institutions to handle disputes and prevent chargebacks more effectively. And KPMG Norway has partnered with the Norwegian government to distribute our risk recount capabilities. The solution will help hundreds of local governments evaluate their cyber risk posture and that of their suppliers.

我们正在合作以更新颖、更高效的方式分发我们的能力，Salesforce已经将我们的争议解决服务整合到其金融服务云中。这使得银行和其他金融机构能够更有效地处理争议并防止退单。此外，KPMG挪威与挪威政府合作分发我们的风险重新计算能力。该解决方案将帮助数百个地方政府评估他们自身的网络风险姿态以及他们供应商的网络风险姿态。

Turning to open banking, we continue to make strong progress in scaling new use cases. I'll use our account opening and account linking use case as an example. Klarna in the US is now using Mastercard's open banking for this purpose. PayPal will leverage account linking, balance check and transaction history for their wallet in the US and Jack Henry will distribute these capabilities to streamline the account opening process for hundreds of issuers they support.

转向开放银行，我们在扩大新用例方面继续取得强劲进展。我将以我们的账户开设和账户链接用例为例。Klarna 在美国现在正在使用 Mastercard 的开放银行来实现这一目的。PayPal 将在美国利用账户链接、余额检查和交易历史为他们的钱包服务，而 Jack Henry 将分发这些功能，以简化他们支持的数百家发行商的账户开设流程。

So with that, I'll wrap it up. In summary, we delivered another strong quarter of revenue and earnings growth. We're driving growth by winning and retaining deals, we're penetrating the substantial secular opportunity, and we continue to see strong demand for our services. Now our differentiated capabilities, diversified business model and focused strategy position us well to capitalize on the significant opportunity ahead of us.

因此，我将结束这段话。总的来说，我们实现了又一个强劲的收入和盈利增长季度。我们通过赢得和保留交易来推动增长，正在深入挖掘巨大的长期机会，并且我们继续看到对我们服务的强劲需求。现在，我们的差异化能力、多元化商业模式和专注战略使我们能够很好地把握面前的重大机会。

Sachin, over to you.

萨钦，交给你了。

Sachin Mehra 萨钦·梅赫拉

Thanks, Michael. Turning to Page 3, which shows our financial performance for the second quarter on a currency-neutral basis excluding where applicable, special items and the impact of gains and losses on our equity investments. Net revenue was up 13%, reflecting continued growth in our payment network and our value-added services and solutions.

谢谢，迈克尔。请翻到第 3 页，显示我们第二季度的财务表现，基于不考虑货币影响的基础，排除适用的特殊项目以及股权投资的收益和损失影响。净收入增长了 13%，反映了我们支付网络和增值服务及解决方案的持续增长。

Operating expenses increased 10%, including a minimal impact from acquisitions. And operating income was up 15%, including a minimal impact from acquisitions. Net income and EPS increased 24% and 27%, respectively, both reflecting the strong operating income growth as well as a lower tax rate in the current quarter compared to Q2, 2023, primarily due to a sizable discrete tax expense in the prior year as well as the change in the geographic mix of earnings. EPS was $3.59, which includes a $0.07 contribution from share repurchases.

运营费用增加了10%，其中包括来自收购的微小影响。运营收入增长了15%，其中包括来自收购的微小影响。净利润和每股收益分别增长了24%和27%，这两者都反映了强劲的运营收入增长以及与2023年第二季度相比，本季度税率较低，主要是由于前一年有一笔大额的离散税收费用以及收益地理构成的变化。每股收益为3.59美元，其中包括股票回购带来的0.07美元的贡献。

During the quarter, we repurchased $2.6 billion worth of stock and an additional $820 million through July 26, 2024. So let's turn to Page 4, where I'll speak to the growth rates of some of our key drivers for the second quarter on a local currency basis. Worldwide Gross Dollar Volume, or GDV, increased by 9% year-over-year. In the US, GDV increased by 6% with credit growth of 6% and debit growth of 7%.

在本季度，我们回购了价值26亿美元的股票，并且截至2024年7月26日，又额外回购了8.2亿美元。让我们转到第四页，我将讨论第二季度一些关键驱动因素的增长率，以当地货币为基础。全球总美元交易量（GDV）同比增长了9%。在美国，GDV增长了6%，其中信用卡交易量增长了6%，借记卡交易量增长了7%。

Debit growth was aided by the conversion of a previously announced debit win in the US Outside of the US, volume increased 11% with credit growth of 10% and debit growth of 11%. Overall, cross-border volume increased 17% globally for the quarter, reflecting continued strong growth in both travel and non-travel related cross-border spending.

借记卡增长得益于之前宣布的在美国的借记卡业务的转换。在美国之外，交易量增长了11%，其中信用卡增长了10%，借记卡增长了11%。总体而言，本季度全球跨境交易量增长了17%，反映了旅游和非旅游相关的跨境支出持续强劲增长。

Turning to Page 5. Switched transactions grew 11% year-over-year in Q2, both card present and card-not-present growth rates remain strong. Card present growth was aided in part by an increase in contactless penetration as contactless now represents approximately 69% of all in-person switched purchase transactions. In addition, card growth was 7%. Globally, there are 3.4 billion Mastercard and Maestro-branded cards are issued.

转到第五页。第二季度，交换交易量同比增长了11%，无论是卡在场还是卡不在场的增长率都保持强劲。卡在场的增长部分得益于非接触式渗透率的提高，非接触式现在约占所有面对面交换购买交易的69%。此外，卡的增长为7%。在全球范围内，发行了34亿张万事达卡和马斯特罗品牌的卡片。

Turning to Slide 6 for a look into our net revenue growth rates for the second quarter discussed on a currency-neutral basis. Payment network net revenue increased 9%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives, which were lower than anticipated, primarily due to the timing of planned deal activity.

转到第6张幻灯片，来看看我们在货币中性基础上讨论的第二季度净收入增长率。支付网络净收入增长了9%，主要是由于国内和跨境交易及交易量增长所驱动。它还包括回扣和激励措施的增长，这些增长低于预期，主要是由于计划中的交易活动的时间安排所致。

Value-added services and solutions net revenue increased 19%, primarily driven by growth in our underlying drivers Strong demand for our consulting, data analytics and marketing services and the scaling of our fraud and security and our identity and authentication solutions.

增值服务和解决方案的净收入增长了 19%，主要受到我们基本驱动因素增长的推动。对我们的咨询、数据分析和营销服务的强劲需求，以及我们欺诈和安全解决方案以及身份和认证解决方案的规模化。

Now let's turn to Page 7 to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis unless otherwise noted. Looking quickly at each key metric. Domestic assessments were up 7%, while worldwide GDV grew 9%, primarily due to mix. Cross-border assessments increased 21%, while cross-border volumes increased 17%, the four ppt difference is primarily driven by mix and pricing.

现在让我们转到第7页，讨论与支付网络相关的一些关键指标。同样，除非另有说明，所有增长率都是以货币中性基础描述的。快速浏览每个关键指标。国内评估增长了7%，而全球总交易量（GDV）增长了9%，主要是由于混合因素。跨境评估增长了21%，而跨境交易量增长了17%，这四个百分点的差异主要是由混合因素和定价驱动的。

Transaction processing assessments were up 13%, while switch transactions grew 11%. The two ppt difference is primarily due to mix and pricing. Other network assessments were $244 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees and may fluctuate from period to period.

交易处理评估增长了13%，而交换交易增长了11%。这两个百分点的差异主要是由于混合因素和定价。本季度其他网络评估为2.44亿美元。提醒一下，这些评估主要与许可、实施和其他特许经营费用有关，可能会在不同时期波动。

Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 10%, which includes a minimal impact from acquisitions. The growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives as well as an increase in indirect taxes as discussed on our Q4 2023 earnings call. This was partially offset by the timing of advertising and marketing spend within the year.

翻到第 8 页。您可以看到，在非 GAAP 货币中性基础上，排除特殊项目后，总调整后的运营费用增加了 10%，其中收购的影响微乎其微。运营费用的增长主要是由于增加支出以支持我们战略举措的持续执行，以及在 2023 年第四季度财报电话会议中讨论的间接税的增加。这部分被年度内广告和营销支出时机的变化所抵消。

Turning to Page 9. Let me comment on the operating metric trends in the second quarter and then through the first four weeks of July. As a reminder, our Q1 switch metrics include the impact of the leap year in 2024, which added just over one ppt to growth across each of switched volumes, switch transactions and cross-border volumes.

翻到第 9 页。让我评论一下第二季度的运营指标趋势，然后是 7 月的前四周。提醒一下，我们第一季度的切换指标包括 2024 年闰年的影响，这对每个切换量、切换交易和跨境量的增长增加了超过一个百分点。

In addition, our switch metrics in Q1 and April were impacted by the timing of Easter, which occurred at the end of Q1 this year as compared to in April in 2023. After adjusting for the leap year, the timing of Easter and excluding the benefit from the US debit portfolio when I previously discussed, our switch metrics in Q2 were generally stable sequentially in the US and across the globe. Looking at the first four weeks of July, trends remained generally stable versus Q2.

此外，我们在第一季度和四月份的切换指标受到复活节时间的影响，今年复活节发生在第一季度末，而 2023 年则是在四月份。在调整了闰年、复活节时间，并排除了我之前讨论的美国借记组合的收益后，我们在第二季度的切换指标在美国和全球范围内总体上保持稳定。观察七月的前四周，趋势与第二季度相比总体保持稳定。

Turning to Page 10. I wanted to share our thoughts for the remainder of the year. As Michael said, there are a number of economic headwinds and tailwinds that we are monitoring, and we remain focused on executing on our strategy. Business fundamentals remain strong as evidenced by the results we delivered this quarter across all aspects of our business.

翻到第 10 页。我想分享我们对今年剩余时间的看法。正如迈克尔所说，我们正在关注一些经济逆风和顺风，我们仍然专注于执行我们的战略。商业基本面依然强劲，正如我们在本季度各个方面所交付的结果所证明的。

Our diversified business model underpinned by healthy consumer spending, the continued secular shift to digital forms of payment and strong demand for our value-added services and solutions continues to position us well for the opportunities ahead. Overall, we remain positive about the growth outlook.

我们的多元化商业模式得益于健康的消费者支出、持续向数字支付形式的市场转变以及对我们增值服务和解决方案的强劲需求，这使我们在未来的机遇中保持良好定位。总体而言，我们对增长前景持乐观态度。

Now turning to Q3, 2024. Year-over-year net revenue growth is expected to be at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a minimal impact to this growth rate while we expect a one to two ppt headwind from foreign exchange for the quarter. From an operating expense standpoint, we expect Q3 operating expense growth to be at the low double-digit range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.

现在转向 2024 年第三季度。预计同比净收入增长将在低双位数范围的高端，基于不考虑货币影响，排除收购。预计收购对这一增长率的影响微乎其微，而我们预计本季度外汇将带来 1 到 2 个百分点的逆风。从运营费用的角度来看，我们预计第三季度的运营费用增长将在低双位数范围内，相较于一年前，同样基于不考虑货币影响，排除收购和特殊项目。

We expect higher growth in advertising and marketing in Q3 compared to the first half of the year primarily driven by the cadence of spend related to our sponsorship activities. Acquisitions are forecasted to have a minimal impact to this OpEx growth for the quarter, while we expect a 0 to one ppt tailwind from foreign exchange. Separately, as Michael mentioned, as part of our recent reorganization, we expect to record a onetime restructuring charge in Q3 of approximately $190 million. This will be recorded as a special item and excluded from our non-GAAP metrics.

我们预计第三季度的广告和营销增长将高于上半年的水平，主要受赞助活动相关支出的节奏驱动。预计收购对本季度的运营支出增长影响有限，同时我们预计外汇将带来 0 到 1 个百分点的顺风。另一方面，正如迈克尔提到的，作为我们最近重组的一部分，我们预计在第三季度将记录约 1.9 亿美元的一次性重组费用。这将作为特殊项目记录，并从我们的非 GAAP 指标中排除。

We expect these actions will free up capacity to further invest in our strategic priorities as we continue to execute on our growth algorithm. We also expect they will contribute to delivering positive operating leverage over the long term. As it relates to the full year we expect net revenue to grow at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a minimal impact for the year, and foreign exchange is now expected to be a headwind of approximately one ppt for the year.

我们预计这些措施将释放出更多的能力，以进一步投资于我们的战略优先事项，同时继续执行我们的增长算法。我们还预计这些措施将有助于在长期内实现积极的经营杠杆。关于全年，我们预计净收入将在不考虑收购的情况下，以低双位数范围的高端增长，按货币中性计算。预计收购对全年将产生最小的影响，外汇现在预计将对全年造成大约一个百分点的阻力。

In terms of operating expenses, our expectations for the full year are to grow at the low end of a low double-digit range on a currency-neutral basis, excluding acquisitions and special items. Acquisitions and foreign exchange are forecasted to have a minimal impact to this growth for the year. Other items to keep in mind. On other income and expenses, in Q3, we expect an expense of approximately $100 million. This assumes the prevailing interest rates and debt levels continue and excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

在运营费用方面，我们对全年的预期是在排除收购和特殊项目的情况下，以低双位数的低端增长，基于货币中性。预计收购和外汇对今年的增长影响微乎其微。其他需要注意的事项。在其他收入和支出方面，我们预计第三季度的支出约为 1 亿美元。这假设现行的利率和债务水平保持不变，并排除了我们股权投资的收益和损失，这些收益和损失不计入我们的非 GAAP 指标。

Finally, we expect a non-GAAP tax rate of between 17% and 18% for Q3 and 17% to 17.5% on a full year basis, all based on the current geographic mix of our business. One last point. I wanted to let you know that we are planning to host an Investor Day in New York on November 13. We look forward to discussing our future plans with you at that time.

最后，我们预计第三季度的非 GAAP 税率将在 17%到 18%之间，全年税率将在 17%到 17.5%之间，所有这些都是基于我们当前的业务地域组合。最后一点。我想让您知道，我们计划在 11 月 13 日在纽约举办投资者日。我们期待届时与您讨论我们的未来计划。

And with that, I will turn the call back over to Devin.

那么，我将把电话交还给德文。

Devin Corr 德文·科尔

Thank you, Sachin. Julianne, please open the call for questions now.

谢谢你，Sachin。Julianne，请现在开始提问环节。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] Our first question comes from Harshita Rawat from Bernstein. Please go ahead, your line is open.

[操作员指示] 我们的第一个问题来自 Bernstein 的 Harshita Rawat。请继续，您的线路已开启。

Harshita Rawat 哈希塔·拉瓦特

Good morning. Michael, can you talk about US merchant litigation, the settlement rejection and the path forward from here? How should we think about the range of outcomes?

早上好。迈克尔，你能谈谈美国商户诉讼、和解拒绝以及接下来的发展方向吗？我们应该如何看待结果的范围？

Michael Miebach 迈克尔·米巴赫

Right. Thanks, Harshita. You're not asking about the secular opportunity. I know the same. So the merchant settlement. So the first thing I would say is we're disappointed where this has landed for now. And I would describe it as we respectfully disagree with the court's ruling to reject the settlement. This has been negotiated over many years across many parties. I think with best intentions, and they would have produced a lot of benefits for consumers, for merchants and across all parties. So this is now not happening.

好的，感谢你的提问。我知道你关心的是长期的机会。关于商户结算的问题，首先我想说，我们对目前的结果感到失望。我会这样描述：我们尊重但不同意法院拒绝和解的决定。这个和解是多年来多方协商的结果，出于最好的意图，它本可以为消费者、商户以及所有相关方带来很多好处。但现在这件事没有发生。

We are obviously ready and we will take all efforts to ensure that a solution is found before this goes to trial, engage all parties. We've done this in previous scenarios before. It's difficult to speculate our outcomes at this point. But I think this intention to lean in and see how we can provide more security predictability to merchants and to banks and all parties here is what's driving us. So there's a number of co-defendants in this, and everybody will obviously take their own decisions here. But across the board, obviously, there has to be a dialogue to find the best outcome of this.

我们显然已经准备好，并将尽一切努力确保在此案进入审判之前找到解决方案，参与所有相关方。我们在之前的情况下也这样做过。此时很难推测我们的结果。但我认为，倾向于了解我们如何为商家、银行及所有相关方提供更多安全性和可预测性是推动我们的动力。因此，这里有多个共同被告，显然每个人都会在此做出自己的决定。但总体而言，显然必须进行对话，以找到最佳结果。

Operator 操作员

Our next question comes from Trevor Williams from Jefferies. Please go ahead. Your line is open.

我们的下一个问题来自杰富瑞的特雷弗·威廉姆斯。请继续。您的线路已开启。

Trevor Williams 特雷弗·威廉姆斯

Great. Thanks a lot. I wanted to ask on rebates and incentives growth. I think that came in a little bit better than you guys have been expecting for 2Q. Sachin, if you could just unpack some of the upside there relative to expectations and then any help for what you're expecting for R&I growth over the next couple of quarters.

很好，非常感谢。我想问有关回扣和激励措施的增长情况。我认为这比你们第二季度预期的要稍微好一些。Sachin，如果你能解释一下与预期相比的正面因素，以及你对接下来几个季度回扣和激励措施增长的预期，那将非常有帮助。

Sachin Mehra 萨钦·梅赫拉

Sure. Trevor. So you're right. As I mentioned in my prepared remarks, our rebates and incentives did come in slightly lower than our expectations for the second quarter. I just want to kind of take it up a level, just to kind of remind everybody, we're very active in the markets. We are constantly looking at what opportunities exist with existing customers and then with who could be potential new customers. And we have a view on what our pipeline of activities is.

当然，Trevor。你说得对。正如我在准备好的讲话中提到的，我们的回扣和激励措施确实比我们对第二季度的预期略低。我只是想提升一下层次，只是想提醒大家，我们在市场中非常活跃。我们一直在寻找与现有客户存在的机会，以及可能成为潜在新客户的是谁。我们对我们的活动管道有一个看法。

So the vast majority of what we had in the nature of better or, I would say, lower rebates and incentives in the second quarter were driven by some of those -- that deal activity not materializing in the second quarter. It still remains in the pipeline. It's still something we expect will occur as the year progresses. And then more specifically, as it relates to Q3, we expect that our rebates and incentives as a percentage of our payment network assessments will be higher than it was in Q2. And it's essentially based on exactly what I just said, which is it's a very rich deal pipeline that we have. And again, this is more of a timing issue than anything else.

所以，我们在第二季度看到的大多数回扣和激励措施比预期更好或者说更低的情况，是由一些交易活动没有在第二季度实现所驱动的。这些仍然在我们的管道中。我们仍然期望随着一年的发展，这些活动会发生。然后更具体地说，关于第三季度，我们预计我们的回扣和激励措施作为我们支付网络评估的百分比会比第二季度高。这基本上基于我刚刚所说的，即我们有一个非常丰富的交易管道。再次强调，这更多的是一个时机问题，而不是其他任何问题。

To B总是有一些要费点脑子搞明白的业务，巴菲特挑选商业模式有一个原则：a business whose value is largely dependent on a single key factor that is both easy to understand and enduring.，信用卡符合这个要求，Visa/Mastercard/AMEX，3家企业中AMEX最符合。

Michael Miebach 迈克尔·米巴赫

It comes back to the point. In the end, we want to be in the transactional floor. We want to be relevant to our customers. We want to be relevant in the eyes of the consumers that they have a Mastercard product in their hand, and we fight for the deals that we find strategically relevant that also meet our financial criteria. In the end, it all has to add up in combination between payments and services that our net revenue yield develops positively and that we keep in focus.

最终，我们希望在交易领域占有一席之地。我们希望对我们的客户具有相关性。我们希望在消费者眼中具有相关性，让他们知道他们手中有一张万事达卡产品，我们为了我们认为具有战略意义的交易而努力，这些交易也符合我们的财务标准。最终，所有这些都必须在支付和服务之间相结合，使我们的净收入收益积极发展，并且我们要保持专注。

Operator 操作员

Our next question comes from Dan Perlin from RBC. Please go ahead. Your line is open.

我们的下一个问题来自 RBC 的 Dan Perlin。请继续。您的线路已开启。

Daniel Perlin 丹尼尔·佩林

Thanks. Good morning. Can we just spend a second on the realignment of the organization a little bit? I know you talk about it to create capacity and drive incremental growth. I think the question I have is how should we think about that in driving kind of new constituencies as you talk about new verticals and maybe expansion of data analytics. And then more specifically, how does that open up the aperture of the network as we think about that going forward?

当然，早上好。我们可以花一点时间谈谈组织结构的重新调整吗？我知道你提到这是为了创造能力并推动额外的增长。我想问的问题是，我们应该如何考虑这在推动新的利益相关者方面的作用，正如你提到的新的垂直领域，也许还有数据分析的扩展。然后更具体地说，随着我们向前看，这如何扩大网络的视野？

Michael Miebach 迈克尔·米巴赫

Right, Dan. So as I said earlier, the idea here is to accelerate growth. The idea is not to reposition our strategy. We've articulated our strategy. You'll hear more of that in the investor community meeting in November and how we see that play out in more detail across our core payment solutions, new flows and the services portfolio.

好的，丹。正如我之前所说，这里的想法是加速增长。这个想法不是重新定位我们的战略。我们已经阐明了我们的战略。您将在 11 月的投资者社区会议上听到更多关于这一点的信息，以及我们如何在核心支付解决方案、新流和服务组合中更详细地看到这一点的展开。

I purposefully stated the point on markets with high cash penetration. So here is as I laid out in the context of Africa, but there's more in other emerging markets around the world, there's a tremendous opportunity here. So we want to strengthen our front line. It's also clear that the recipe to participate in the secular opportunity emerging markets isn't the same as in developed markets. So we're investing in product and so forth.

我故意提到了现金渗透率高的市场。因此，这里是我在非洲背景下所阐述的，但在全球其他新兴市场还有更多机会。在这里有巨大的机会。因此，我们希望加强我们的前线。显然，参与新兴市场的长期机会的方式与发达市场并不相同。因此，我们正在投资于产品等方面。

It's pretty clear that on the services side, as far as the areas of focus are concerned we continue to be guided by underlying strong secular trends, and one of that is for really any of our corporate partners and B2B partners that they want to make sense of their enterprise data and make better decisions. And how do we do that? We do that by leveraging our artificial intelligence solutions, our set of assistance, set of fine-tuning how they could have more personalized suggestions to their end consumers, et cetera, et cetera. That's one part, help our customers make better decisions, not changing, but very specific solutions with a higher weightage to AI.

在服务方面，关注的领域非常明确，我们继续受到强劲的长期趋势的指导，其中之一是我们的企业合作伙伴和 B2B 合作伙伴希望理解他们的企业数据并做出更好的决策。我们是如何做到的呢？我们通过利用我们的人工智能解决方案、我们的辅助工具、以及如何为他们的最终消费者提供更个性化建议的微调来实现。这是其中一部分，帮助我们的客户做出更好的决策，不是改变，而是非常具体的解决方案，更加重视人工智能。

And then on the security side and the cybersecurity side, all of this data has to be kept safe. We kept saying that for years. That's a strong secular trend in itself, and making sure that we fine-tune our solutions here. We've got to move faster because the bad guys are also moving faster, and they have the similar technology tools at their hand now. So leveraging artificial intelligence, an example I gave last quarter around Decision Intelligence Pro, that's predicting what is the next card that might be frauded before it actually happens, those kind of solutions provide significant lift to our customers in terms of preventing fraud, obviously giving peace of mind to their consumers and overall helping our business, and it's a close link to our payments - underlying payments business. So all of that -- it's largely the same strategy, but we're really focusing on very specific aspects of that, and there are other aspects of our portfolio that we're going to dial down as a result of this effort.

在安全和网络安全方面，所有这些数据都必须保持安全。我们多年来一直在强调这一点。这本身就是一个强劲的长期趋势，并确保我们在这里微调我们的解决方案。我们必须加快速度，因为坏人也在加速，他们现在手中拥有类似的技术工具。因此，利用人工智能，我在上个季度提到的决策智能专业版的一个例子，就是在实际发生之前预测可能被欺诈的下一张卡，这类解决方案在防止欺诈方面为我们的客户提供了显著的提升，显然也给他们的消费者带来了安心，并整体上帮助了我们的业务，这与我们的支付业务密切相关。因此，所有这些——基本上是相同的战略，但我们确实专注于其中非常具体的方面，而我们将因这一努力而减少我们投资组合中的其他方面。

Operator 操作员

Our next question comes from David Togut from Evercore ISI. Please go ahead. Your line is open.

我们的下一个问题来自 Evercore ISI 的 David Togut。请继续。您的线路已开启。

David Togut 大卫·托古特

Thank you. Good morning, Michael and Sachin. Europe continues to be your largest geo by GDV and also highly differentiated growth there continues. Would appreciate your look forward on cash digitization opportunity, thoughts on the consumer. And then the outlook also for cross-border travel in and out of Europe.

谢谢。早上好，迈克尔和萨钦。欧洲仍然是你们按 GDV 计算的最大市场，且那里的差异化增长也在持续。希望你们能分享对现金数字化机会的看法，以及对消费者的想法。然后，关于跨境旅行进出欧洲的前景也请分享一下。

Michael Miebach 迈克尔·米巴赫

Right. So let me start. I want to anchor on what you -- how you framed your question. It's been a strong growth story for us in Europe. That's Continental Europe as well as the U.K. We've seen tremendous share growth there. And that's really focusing down and investing more locally in Europe, have a better presence there, engage with national governments as well as with European institutions, which we feel very European and Europe. That's the first thing I would say.

好的。那么让我开始。我想围绕你如何框定你的问题来进行。对于我们在欧洲来说，这是一个强劲的增长故事。这包括欧洲大陆以及英国。我们在那里看到了巨大的市场份额增长。这实际上是更加专注并在欧洲进行更多本地投资，在那里拥有更好的存在，与国家政府以及欧洲机构进行互动，我们感到非常欧洲化。这是我想说的第一点。

When I come back to the times of COVID, it was -- there was a large set of economies in Europe that were lagging, I would argue on the digitization front, changing behaviors in consumers have increased the pressure to digitize further, and it has happened. So we've seen Europe catch up and obviously shows in our numbers. But back to the point of secular opportunity we just discussed. If you look at the economies in Germany, in Italy, there's significant cash in the higher double digits that we're seeing that and we can go after and we will continue to go after.

当我回想起 COVID 时期时，欧洲有一大批经济体在数字化方面滞后，我认为消费者行为的变化增加了进一步数字化的压力，而这一点确实发生了。因此，我们看到欧洲逐渐赶上，显然在我们的数字中有所体现。但回到我们刚刚讨论的长期机会。如果你看看德国和意大利的经济体，我们看到有显著的现金流，处于高双位数，我们可以去争取，并且我们将继续争取。

So I continue to expect a growth opportunity there. But it's also true that there are markets that are so highly digitized today that the secular opportunity in itself is something that from cash to check isn't really happening. And there, you come to the point about what are the emerging business models in a highly digitized world. The Nordics is a good example of that. There's a whole new set of business models coming up, and we're supporting those fintechs which is why Europe is one of the geographies around the world where we have a tremendous position in fintech and other market leaders in those partnerships. So I'm excited about the Europe outlook, and we continue to invest there. Bottom line.

我会继续期待那里的增长机会。但同样真实的是，有些市场今天已经高度数字化，以至于从现金到支票的长期机会本身就没有真正发生。在那里，你来到了关于在一个高度数字化的世界中，新兴的商业模式是什么的问题。北欧就是一个很好的例子。一整套新的商业模式正在出现，我们正在支持那些金融科技公司，这就是为什么欧洲是世界上我们在金融科技和其他市场领导者的合作伙伴关系中拥有巨大地位的地区之一。所以我对欧洲的前景感到兴奋，我们继续在那里投资。底线。

Sachin Mehra 萨钦·梅赫拉

And David, on your question around cross-border in and out of Europe, a couple of thoughts around there. Look, I mean, globally, I would say we're well positioned from a cross-border standpoint. You can see that in our metrics. And then as it relates to Europe, back to what Michael just said, as we've been winning portfolios, there's been a mix of portfolios We've been there, some of which are high cross-border and others are lowered from a cross-border standpoint. The idea is to actually be in the flow, participate and create opportunities for ourselves to actually leverage our services, our loyalty assets in order to drive cross-border, whether it's Europe or anywhere else in the world.

关于大卫你提到的跨境进出欧洲的问题，我有几点想法。全球来看，我认为我们在跨境方面的定位良好。你可以从我们的指标中看到这一点。至于欧洲，回到迈克尔刚才所说的，随着我们赢得投资组合，投资组合的组合也有所不同。我们在那里的投资组合中，有些是高跨境的，而其他则是低跨境的。我们的想法是实际上参与其中，创造机会，以便利用我们的服务和客户忠诚度资产来推动跨境业务，无论是在欧洲还是世界其他地方。

Last point I'll make is sensitivity to foreign exchange rates, right? Strong dollar certainly helps in terms of the inbound into Europe because you tend to see a lot more travel from the US actually show up in Europe as part of that process. So again, we feel good about the cross-border opportunity, not only in out of Europe, but globally for the company.

最后一点我要提到的是对外汇汇率的敏感性，对吧？强势美元确实有助于欧洲的入境旅游，因为你会看到更多来自美国的旅行者实际上出现在欧洲。因此，我们对跨境机会感到乐观，不仅是在欧洲出境，也包括公司在全球的机会。

Michael Miebach 迈克尔·米巴赫

Right. And one last point to add on -- based on the financial frame that Sachin just put around it, back to the R&I question. So in Europe, we really feel we are well positioned in the market from a share perspective. So this aspect of financial discipline as we continue to look for deals and partnerships in Europe really rises to the top.

正确。还有一点要补充——基于Sachin刚刚提出的财务框架，回到回扣和激励（R&I）的问题。所以在欧洲，我们确实觉得从市场份额的角度来看，我们在市场上的定位非常好。因此，当我们继续在欧洲寻找交易和合作伙伴关系时，财务纪律这一方面确实变得非常重要。

Operator 操作员

Next question comes from Darrin Peller from Wolfe Research. Please go ahead, your line is open.

下一个问题来自 Wolfe Research 的 Darrin Peller。请继续，您的线路已开启。

Darrin Peller 达林·佩勒

Hey guys, thanks. It's good to see the stability into July and the US volume side. So if you could just help us understand a little more on the cadence if there's anything from CrowdStrike or weather? And then I guess, really, Michael, also, more importantly, just the ability for you guys to win these portfolios, if you could help us just remind us understanding what the driving factors are? How much of it is -- if there's any competitive pricing dynamics, how much of it might be just mass, maybe a little bit more of what you see ahead.

嘿，大家，谢谢。看到七月的稳定性和美国的交易量真好。所以如果你们能帮我们更好地理解一下节奏，CrowdStrike 或天气方面是否有任何信息？然后我想，迈克尔，更重要的是，你们赢得这些投资组合的能力，如果你们能帮我们提醒一下，理解一下驱动因素是什么？有多少是——如果有任何竞争定价动态，有多少可能只是规模，也许更多的是你们看到的前景。

Sachin Mehra 萨钦·梅赫拉

Yes. Why don't I take the first part of that question, Darrin. In terms of the trends we've seen for the first four weeks of July, like I said, look, I mean, general stability and drivers across the board. And you can see that on Page 9 of our presentation. And really, I mean, to your question as to whether there was an impact from the events over with CrowdStrike or weather. I mean the reality is the weather piece has a little bit of an impact. That's what I would actually mention. But it's kind of muted in terms of the context that we've got now four weeks' worth of data in there.

是的。达林，我来回答这个问题的第一部分。就我们在七月前四周看到的趋势而言，正如我所说，整体稳定性和驱动因素普遍存在。你可以在我们演示文稿的第 9 页看到这一点。至于你问的 CrowdStrike 事件或天气是否有影响，实际上天气确实有一点影响。这是我想提到的。但在我们现在拥有的四周数据的背景下，这种影响是相对微弱的。

And so the reality is these things kind of happen, they come a particular week, if you look at it, it might look lower or higher and then there might be a catch-up factor which takes place as we tend to follow. By and large, we feel good about what we're seeing from a consumer spending standpoint, and that's reflective of what you see on the metrics right here.

因此，现实是这些事情会发生，它们在特定的一周出现，如果你看它，可能看起来更低或更高，然后可能会有一个追赶因素，这通常会发生。总体而言，我们对消费者支出的情况感到乐观，这反映在这里的指标上。

Michael Miebach 迈克尔·米巴赫

Right. And then the second part of your question, the [indiscernible] market in the US and same as Europe since we just talked about, remains incredibly competitive. I think we haven't seen such elevated level of competition and payments that we're currently seeing. You see a lot of movements in the market. There's banks looking at network opportunities and so forth. So there's a lot going on. But it's also true that for us, we continue to broaden our payment solutions and our service offerings. And really, that comes to that part of your question is what matters here. What matters here is that we can help our customers run their business in a better way.

好的。然后你问题的第二部分，美国的[无法辨识]市场和欧洲一样，正如我们刚才所谈的，竞争异常激烈。我认为我们还没有见过如此高水平的竞争，尤其是在支付领域。你会看到市场上有很多动向。银行在寻找网络机会等等。所以有很多事情在发生。但对我们来说，确实也在不断拓宽我们的支付解决方案和服务产品。实际上，你问题的这一部分是关键。关键在于我们能够帮助客户更好地运营他们的业务。

更好的运营别人的业务，看上去就不够放心。

So what are they trying to do and our solutions helping data insights, cybersecurity certainly matter. The fact that cards isn't the best answer to all payments, but there is also a multi-rail set of solutions that customers are looking for. We have all of that. So that puts us in a differentiated position. We're trying to not to sell product but really come in with solutions through our sales force. That's working for us, but it's pretty clear. We have to be financially competitive. That always matters. But if you can have a conversation around the top line outcome with your customer vis-a-vis the cost of payments that changes the dialogue quite significantly.

他们正在尝试做的事情，我们的解决方案帮助数据洞察、网络安全当然很重要。事实上，卡片并不是所有支付问题的最佳答案，但也有客户正在寻找的多轨解决方案。我们拥有所有这些。这使我们处于一个差异化的位置。我们试图不是销售产品，而是真正通过我们的销售团队提供解决方案。这对我们有效，但非常清楚。我们必须在财务上具有竞争力。这总是重要的。但如果你能与客户就支付成本相对于结果进行对话，这将显著改变对话。

产品向解决方案转化不是好现象，越搞越复杂，但凡不能收敛的都会碎片化。

So when I talk to CEOs and the customer side, that's what they're really interested in. So that's working. That's a lot of value that we bring, and we price for that. So we continue to price for that. You've heard us mention pricing changes in the last quarter. So we do that wherever we see the opportunity. Tokenization is a great example. We've invested in tokenization and we needed to scale it up. Now we have an opportunity to build a whole set of services on top of the basic token that we can price for and that we feel we should price for because they drive a better outcome in terms of better approval rates, lower fraud and so forth for our customers. So I think we're well positioned in a very competitive market, and we're going to continue to try to keep that edge.

所以当我与首席执行官和客户方面交谈时，他们真正感兴趣的就是这些。这是有效的。这是我们带来的大量价值，我们为此定价。因此，我们将继续为此定价。你们听到我们在上个季度提到的定价变化。所以我们在看到机会的地方就这样做。代币化就是一个很好的例子。我们在代币化方面进行了投资，并且需要将其规模化。现在我们有机会在基本代币的基础上构建一整套服务，我们可以为这些服务定价，并且我们认为应该为此定价，因为它们在提高批准率、降低欺诈等方面为我们的客户带来了更好的结果。因此，我认为我们在一个竞争激烈的市场中处于良好位置，我们将继续努力保持这一优势。

Operator 操作员

Our next question comes from Dave Koning from Baird. Please go ahead. Your line is open.

我们的下一个问题来自 Baird 的 Dave Koning。请继续。您的线路已开启。

David Koning 大卫·科宁

Yes. Hey, guys. Thank you. And I guess my question on the cross-border line, you've had a very nice positive divergence between constant currency revenues and constant currency volumes. This quarter was about 4%. And I think for 13 quarters in a row, it's been nicely positive. In prior years, it was pretty close to neutral, sometimes even a little negative. Why does that continue to be positive? And how should we think of that going forward? Is that going to stay that nice positive divergence?

是的。嘿，大家。谢谢你们。我想问一下关于跨境业务的问题，你们在恒定货币收入和恒定货币销量之间有一个非常好的正向差异。本季度大约是 4%。我认为已经连续 13 个季度保持良好的正向差异。在之前的几年里，这个差异几乎接近中性，有时甚至略微为负。为什么这种情况持续保持正向？我们应该如何看待未来？这种良好的正向差异会继续保持吗？

Sachin Mehra 萨钦·梅赫拉

Yes, David. So look, I mean, it's like I said, right, it's been driven by favorable mix and a little bit of pricing in the second quarter. The reality is that the mix piece is really what's been actually causing that positive divergence you're talking about. As you are aware, our cross-border volumes are -- and we show you the metrics on this. We have intra-Europe cross-border and then we have other cross-border. Intra-Europe is lower yielding, other cross-border is high yielding for us. And so as you think about this, if the other cross-border volumes are growing at a faster pace than intra-Europe, you tend to see that positive divergence. I'll remind you, during COVID, we actually had the reverse phenomenon take place. We had intra-Europe growing faster than other cross-border and you actually had the reverse happening, which is you had cross-border assessment is growing at a slower clip than the actual underlying driver growth. So that's really what we mean by mix there. And then, of course, there's a pricing which we do back to the point Michael was making around the value we deliver, which is another contributing factor in the second quarter.

是的，David。看，我是说，这主要是由于有利的组合和第二季度的定价。实际上，组合部分确实是导致你所说的积极差异的原因。如你所知，我们的跨境交易量是——我们在这方面向你展示了指标。我们有欧洲内部跨境和其他跨境。欧洲内部的收益较低，而其他跨境对我们来说收益较高。因此，当你考虑这一点时，如果其他跨境交易量的增长速度快于欧洲内部，你就会看到这种积极的差异。我提醒你，在 COVID 期间，我们实际上经历了相反的现象。我们有欧洲内部的增长速度快于其他跨境，实际上发生了相反的情况，即跨境评估的增长速度低于实际基础驱动的增长。所以这就是我们所说的组合。然后，当然还有定价，这与 Michael 所提到的我们所提供的价值有关，这是第二季度的另一个贡献因素。

Operator 操作员

Our next question comes from Sanjay Sakhrani from KBW. Please go ahead. Your line is open.

我们的下一个问题来自 KBW 的 Sanjay Sakhrani。请继续。您的线路已开启。

Sanjay Sakhrani 桑贾伊·萨克拉尼

Thanks. Good morning. I was wondering, Sachin, could you just talk about the share gain benefits in the quarter and maybe what's on the horizon. I think you mentioned it in the context of incentives. And then just specific to some of the revenue items or revenue lines. When I look at domestic assessment revenue, that kind of slowed from a trend line that we've seen that was much stronger. I know some of it was FX. But was there anything else similar for other revenues. Those were down a little bit. I know it's a smaller line, but any call-outs there?

谢谢。早上好。我想知道，Sachin，你能谈谈本季度的市场份额增长优势以及未来的展望吗？我想你在激励的背景下提到了它。然后是一些具体的收入项目或收入线。当我看到国内评估收入时，它从我们所看到的更强的趋势线中有所放缓。我知道其中一些是外汇。但是还有其他类似的收入吗？那些有所下降。我知道这是一个较小的线条，但有任何特别指出的吗？

Sachin Mehra 萨钦·梅赫拉

So I'll take -- I think there are three questions there. So I'm going to take all three of them, which is -- on domestic assessments, it's -- the delta you're seeing in terms of domestic assessment is growing at 7% compared to GDP growing at 9%, and is primarily being driven by mix. I need to remind everybody that GDV and domestic assessments is not a perfect proxy, just because in domestic assessments, there's a whole bunch of other stuff which is there. You've got card fees. You've got a bunch of stuff going on in there.

所以我会回答——我认为这里有三个问题。所以我将同时回答这三个问题，关于国内评估，您看到的国内评估的增量增长了 7%，而 GDP 增长了 9%，主要是由结构驱动的。我需要提醒大家，GDV 和国内评估并不是一个完美的代理，因为在国内评估中，还有很多其他因素。您有卡费，还有很多其他事情在发生。

So there's always going to be some level of kind of difference in terms of growth rates there. But what we like to call out is what are the salient features or factors which are causing for that -- for the different growth rates between domestic assessments and GDV growth. And when I talk about mix there, just so that you're clear, I mean, the mix could come from a whole host of things.

所以在增长率方面总会存在某种程度的差异。但我们想要指出的是，导致国内评估与 GDV 增长之间不同增长率的显著特征或因素。当我提到组合时，您要清楚，我的意思是，组合可能来自许多方面。

So for example, our GDV includes our cross-border volumes. Our domestic assessments do not include our cross-border-related revenues. And so what you've got is with GDV growing you don't have the associated cross-border revenue, which is there, which would come in terms of domestic assessments. You could also have changes in geographic mix. You've got high-yielding and lower-yielding regions and depending on the growth rate of regions, you might see deltas come to the positive or the negative there. So that, Sanjay, is the domestic assessment piece.

例如，我们的 GDV 包括我们的跨境交易量。我们的国内评估不包括与跨境相关的收入。因此，GDV 增长时，您没有与之相关的跨境收入，这些收入会体现在国内评估中。您还可能会看到地理组合的变化。您有高收益和低收益的地区，取决于各地区的增长率，您可能会看到正向或负向的差异。因此，Sanjay，这就是国内评估的部分。

On the other payment network revenues, again, look, I mean, this is not something which we are necessarily focused on as a business. That is -- it's one of the things which is required to run the network. It's a range of things from licensing fees, implementation fees, franchise fees, things of that sort. And those things move around. So I wouldn't get too fussed about the fact that in one quarter, it grows at an exceptional pace in the next quarter is actually going the opposite direction.

在其他支付网络收入方面，再次强调，我的意思是，这并不是我们作为一项业务所特别关注的事情。这是——运营网络所需的众多事项之一。包括许可费、实施费、特许经营费等各种费用。这些费用会有所波动。因此，我不会太在意某一季度增长异常迅速，而下一个季度却实际上朝相反方向发展这一事实。

Just because, first, the number is fairly small. And second, it's -- there's a whole host of reasons why that might happen. For example, as customers get more compliant, you might have less than the nature of compliance fees that you're charging them. So that's a good thing for the network, by the way, over the long term.

仅仅因为，首先，数量相对较少。其次，有很多原因可能导致这种情况。例如，随着客户变得更加合规，您可能会收取的合规费用会减少。因此，从长远来看，这对网络来说是件好事。

And then the last point you asked, actually the first question you asked, which was around share gain benefits in the quarter -- the one I called out really was around the debit conversion in the US And we have previously announced this. We announced our win of the debit portfolio from citizens. We are super pleased with our relationship with citizens. That conversion is going exceptionally well. That conversion for the most part was complete in the second quarter. So we had new [ costs ] which were sent out to customers. So there's a little bit of that, which is there.

然后你问的最后一点，其实是你问的第一个问题，关于本季度的市场份额增长收益——我提到的主要是美国的借记卡转换。我们之前已经宣布了这一点。我们宣布赢得了来自公民银行的借记卡组合。我们对与公民银行的关系感到非常满意。该转换进展非常顺利。大部分转换在第二季度完成。因此，我们向客户发送了一些新的[费用]。所以这方面有一点。

Again, but what I wanted to share was that when we're looking at drivers, right, between Q2 and the first four weeks of July, or for that matter between Q1 and Q2. When you take out the impact of these share wins, there's still underlying stability in terms of consumer spending trends. On share gains, just so that you've got the overall picture, right? So we've talked a little bit about systems. We had the Webster win. You've got a whole bunch of stuff which will roll on, and those will be multiyear kind of conversions, which will come through.

再次，但我想分享的是，当我们观察驱动因素时，第二季度和七月的前四周之间，或者说第一季度和第二季度之间。当你排除这些市场份额增长的影响时，消费者支出趋势仍然保持基本稳定。关于市场份额的增长，为了让你了解整体情况，对吧？我们稍微谈了一下系统。我们赢得了 Webster 的合同。你有一系列的事情将会继续进行，这些将是多年的转变，将会显现出来。

In particular, I'd call out UniCredit. So in UniCredit, we had announced this deal win in 2023. While that conversion is underway. That will be over a multiyear kind of time frame again. Deutsche Bank, again, the conversion is underway. It will take a couple of years before you actually start to set of completion of that. So all of these things will play out over time.

特别是，我想提到意大利联合信贷银行（UniCredit）。在意大利联合信贷银行，我们在 2023 年宣布了这一交易的胜利。目前转换正在进行中。这将是一个多年的时间框架。德意志银行（Deutsche Bank）同样，转换也在进行中。实际完成这一过程需要几年的时间。因此，所有这些事情都会随着时间的推移而展开。

Operator 操作员

Our next question comes from Tien-Tsin Huang from JPMorgan. Just go ahead, your line is open.

我们下一个问题来自摩根大通的黄天新。请继续，您的线路已开启。

Tien-Tsin Huang 黄天新

Thank you. Good results here. Just on the value-added services and solutions, that accelerated. I know there's an easy comp from the first quarter, but any interesting trends in terms of composition of growth within VAS and any call out for the second half of the year in terms of VAS growth?

谢谢。这里的结果很好。关于增值服务和解决方案，增长加速了。我知道第一季度有一个简单的比较，但在增值服务的增长组成方面有没有有趣的趋势，以及在下半年增值服务增长方面有什么特别需要提到的？

Michael Miebach 迈克尔·米巴赫

Right. Tien-Tsin, good to hear you. 19%, a strong growth rate for sure. The usual suspects in terms of driving for growth is the payments related part of this, particularly on the cybersecurity side. So that continues to grow and grow very well. So there's more need for more fraud solutions. That's one thing. And on the data analytics side, we continue to see great interest, as I laid out in remarks, test and learn, for example. So I'll give you a number of examples how customers are trying to figure out what kind of campaigns make sense, how can they serve their customers better and so forth. So no particular change there.

好的，Tien-Tsin，很高兴听到你的消息。19%，确实是一个强劲的增长率。推动增长的通常是与支付相关的部分，特别是在网络安全方面。所以这个领域持续增长，并且增长得非常好。所以对欺诈解决方案的需求越来越多。这是一方面。在数据分析方面，我们继续看到极大的兴趣，正如我在讲话中提到的，例如测试和学习。所以我会给您举一些例子，说明客户如何尝试弄清楚什么样的活动有意义，他们如何能更好地服务他们的客户等等。所以在这方面没有特别的变化。

清算是把大量银行连成网络，这种需求是独立和必须的。

I think the fundamental trend that I touched on earlier in an earlier response, more infusion of AI across the board to make these products scale better and be more effective, that's certainly a trend. Overall, the whole mix of this is largely unchanged. We continue to invest in newer aspects of our services portfolio, particularly in the open banking side. I talked through a couple of use cases here. They still have scale up in a significant way, but we feel we're well positioned in Europe, Australia and the US on the open banking side.

我认为我在之前的回答中提到的基本趋势是，人工智能的广泛应用将使这些产品更具规模和更有效，这无疑是一个趋势。总体而言，这一切的组合基本保持不变。我们继续投资于服务组合的新领域，特别是在开放银行方面。我在这里讨论了几个用例。它们仍然有显著的扩展空间，但我们认为在开放银行方面，我们在欧洲、澳大利亚和美国的定位良好。

So good to see. We said in the first quarter where we had a slightly lower growth rate. We're going to be higher quarter -- every single quarter for the rest of this year, and that is playing out as predicted. So occasionally, you have tougher comps and so forth, but this is a pretty solid trend for us.

很高兴看到这一点。我们在第一季度提到过，我们的增长率略低。我们预计今年剩下的每个季度都会更高，这一预测正在实现。因此，偶尔会有更艰难的比较等等，但这对我们来说是一个相当稳健的趋势。

Operator 操作员

Our next question comes from Dan Dolev from Mizuho, please go ahead. Your line is open.

我们的下一个问题来自瑞穗的 Dan Dolev，请继续。您的线路已开启。

Dan Dolev 丹·多莱夫

Oh, hey, guys. Good morning. Thank you for taking my question last quarter. I believe you gave us a cadence on rebates and incentives, growing slower in the second half versus the first half. Can you maybe give us a little bit more color on to the cadence of rebates and incentives this year. And great results again.

哦，大家好。早上好。感谢你们在上个季度回答我的问题。我相信你们给了我们关于回扣和激励措施的节奏，第二季度的增长速度比第一季度慢。你们能否再给我们多一些关于今年回扣和激励措施节奏的详细信息？再次祝贺你们取得的优异成绩。

Sachin Mehra 萨钦·梅赫拉

Dan, yes, last quarter, I shared with you a point of view around what we thought rebates and incentives would look like in the second quarter. And what we had said is it would be flat to slightly lower for the second quarter. And in the second quarter, rebates and incentives came in lower than the first quarter, lower than even what we had expected for the reasons which I mentioned earlier, which is the timing of deal activity.

丹，是的，上个季度，我和你分享了我们对第二季度返利和激励措施的看法。我们曾说过，第二季度将持平或略有下降。在第二季度，返利和激励措施低于第一季度，甚至低于我们之前的预期，原因是我之前提到的交易活动的时机。

And then today, I shared with you what I think will be rebates and incentives in the third quarter, which we expect that rebates and incentives as a percentage of payment network assessments will be higher in the third quarter compared to the second quarter. We really haven't shared much on nature of rebates and incentives beyond that. So really just for clarification, that's what I want to share with you.

今天，我与您分享了我认为第三季度的返利和激励措施，我们预计第三季度的返利和激励措施占支付网络评估的百分比将高于第二季度。我们实际上没有分享太多关于返利和激励措施的性质。因此，澄清一下，这就是我想与您分享的内容。

Operator 操作员

Our next question comes from Andrew Jeffrey from William Blair. Please go ahead. Your line is open.

我们的下一个问题来自威廉·布莱尔的安德鲁·杰弗里。请继续。您的线路已开启。

Andrew Jeffrey 安德鲁·杰弗里

Hi. Good morning. Thanks for taking the question. Michael, I want to ask about open banking and particularly in the US hearing some conflicting things about the price of real-time payments, interchange in real-time payments, I guess, versus debit, especially Durbin-regulated debit and perhaps the enthusiasm on consumers' behalf to pay from their bank accounts, but maybe some charge back and customer service dispute issues that banks are facing. I just wonder if you could maybe parse some of the puts and takes and give an outlook on the future of open banking, particularly in the US

您好，早上好。感谢您提出问题。Michael，我想问有关开放银行的问题，特别是在美国，我听到一些关于实时支付的价格、实时支付的交换费用，我猜，与借记卡相比，特别是受Durbin法规监管的借记卡，以及消费者代表他们从银行账户支付的热情，但也许银行面临的一些退单和客户服务争议问题。我只是想知道您是否可以分析一下利弊，并就开放银行的未来，特别是在美国给出展望。

Michael Miebach 迈克尔·米巴赫

Right. So interesting, you call that out. I just mentioned that just before. And I said it's not quite where I think most market participants would have wished open banking got to over the years. And that applies, I think, globally. Here in the United States, when I look at open banking with a focus on particular services, a set of actions around account opening or account linking or data aggregation or things like that, we see good momentum. I talked about that earlier.

好的。你提到这一点真有趣。我刚才提到过。我说过，这并不是我认为大多数市场参与者希望开放银行在这些年里达到的状态。我认为这适用于全球。在美国，当我关注开放银行的特定服务时，比如账户开设、账户链接或数据聚合等一系列行动，我们看到良好的势头。我之前谈到过这一点。

When it comes to payments, the payment side of open banking, it's still true that the value that the card ecosystem brings is significant, and you made a point on chargebacks. That is -- it's not comfortable if there is a problem, and then there is no established way to get your money back. On cards, we do that. The same is for fraud protection. I think we know exactly how that works in the world of card payments. It's not so clear yet in the world of counter account payments. Nevertheless, it's our role as an ecosystem custodian to understand where emerging technologies are going, whereas customer interest going that consumers want to use their data footprint to get better services, well, absolutely.

当涉及到开放银行的支付方面时，卡生态系统带来的价值仍然是巨大的，您在退款问题上提出了一个观点。如果有问题，没有一个既定的方式来让您拿回您的钱，这是不舒服的。在卡片上，我们做到了这一点。同样的情况也适用于欺诈保护。我认为我们确切地知道在卡支付的世界里这是如何运作的。在对手账户支付的世界里，情况尚不清楚。尽管如此，作为生态系统的守护者，我们的角色是理解新兴技术的发展，以及客户兴趣的发展方向，消费者希望使用他们的数据足迹来获得更好的服务，当然。

First of all, that starts with data protection and data consent management, which we invest a lot of energy on. But then to say, all right, how could this kind of technology be used. So we do invest in it, which is why we called out open banking as an element of kind of future-oriented activity for us and investment. What we currently see are those use cases that I mentioned, they are the most near-term opportunity. And this is around lending. It's around account Opening, account linking, asset verification, and more recently around data aggregation. Our smart subscription solution is one example of that. That works really well for consumers. If you got 15 subscriptions and you see them in one place and it makes a real difference.

首先，这始于数据保护和数据同意管理，我们在这方面投入了大量精力。但接下来要说的是，好的，这种技术可以如何使用。因此，我们确实在这方面进行投资，这就是为什么我们将开放银行视为我们未来导向活动和投资的一个元素。我们目前看到的那些用例是我提到的，它们是最短期的机会。这涉及到贷款、开户、账户链接、资产验证，以及最近的数据聚合。我们的智能订阅解决方案就是一个例子。这对消费者来说非常有效。如果你有 15 个订阅，并且可以在一个地方查看它们，这会带来真正的改变。

So I think it's evolving. It's evolving and we're at the forefront of evolving it, but we're also trying to make sure that it's understood that the value we bring through cards is really unparalleled.

我认为它正在发展。它在发展，我们处于这一发展的前沿，但我们也在努力确保人们理解我们通过卡片带来的价值确实是无与伦比的。

Operator 操作员

Our next question comes from Fahed Kunwar from Redburn Atlantic. Please go ahead. Your line is open.

我们下一个问题来自 Redburn Atlantic 的 Fahed Kunwar。请继续。您的线路已开启。

Fahed Kunwar 法赫德·昆瓦尔

Hi both. Thanks for taking the question. Just wanted to ask about profitability. Obviously, there's a lot of various moving parts with VAS growing really nicely, cross-border. How do you think about margin expansion, though versus kind of investing in all of these various product areas in distribution and the products themselves, should we expect margins to carry on expanding as they have been? Or will there be continued areas of investment that you think will kind of drive expenses higher from here?

您好，感谢您的提问。我想询问有关盈利能力的问题。显然，随着增值服务（VAS）的快速增长，跨境业务也表现良好。您如何看待利润率的扩大，以及在这些不同的产品领域、分销和产品本身进行投资的情况，我们应该期望利润率继续像以前那样扩大吗？还是会有更多的投资领域，您认为这将从这里开始推动费用增加？

Sachin Mehra 萨钦·梅赫拉

So a couple of thoughts here for you, which is, number one, I think we mentioned in the past and this philosophy of ours remains unchanged, which is we aspire to deliver positive operating leverage, which is showing -- driving net revenue growth at a faster clip than operating expense growth over the long term. So that's really what the aspiration is for how we're running the business. The most important thing to remember is we're running the business for top line growth and bottom line growth. And in order to do that, we keep a very close eye on making investments to drive growth in the near term, medium term and long term.

这里有几个想法供您参考，第一，我想我们以前提到过，我们的理念保持不变，那就是我们致力于实现积极的经营杠杆效应，这表明——长期来看，推动净收入增长的速度要快于运营费用增长。这就是我们经营业务的愿景。需要记住的最重要的事情是，我们经营业务是为了实现收入增长和利润增长。为了做到这一点，我们非常密切地关注投资，以推动近期、中期和长期的增长。

So yes, we are investing in things which will drive growth in the near, medium and long term. That is super essential from our perspective, not only because that's what our shareholders desire, but also because we believe the set of opportunities in front of us are sizable. And so for us to leave those opportunities underinvested would be a bad move for the long-term health of our company. So we will continue to invest in the business. We will do that with the strategic priorities, which Michael has laid out. With that focus, we will constantly look at those priorities to see how the market conditions are evolving, and we will pivot as necessary. But the general kind of flow is, yes, we will continue to invest in the growth of our business because we see tremendous opportunity on a going-forward basis.

所以是的，我们正在投资于那些将在短期、中期和长期推动增长的事物。从我们的角度来看，这一点至关重要，不仅因为这是我们股东所期望的，还因为我们相信眼前的机会是相当可观的。因此，让这些机会处于投资不足的状态将对我们公司的长期健康产生不利影响。因此，我们将继续投资于业务。我们将按照迈克尔所阐述的战略优先事项进行投资。在这个重点下，我们将不断审视这些优先事项，以观察市场条件的变化，并在必要时进行调整。但总体的方向是，是的，我们将继续投资于业务的增长，因为我们看到未来有巨大的机会。

Operator 操作员

Our next question comes from Paul Golding from Macquarie Capital. Please go ahead. Your line is open.

我们的下一个问题来自麦格理资本的保罗·戈尔丁。请继续。您的线路已开启。

Paul Golding 保罗·戈尔丁

Thanks so much for taking the question. I wanted to ask about AI in a fraud sense. I know that you're incorporating AI into your products and presumably as part of VAS to combat fraud. Just wanted to ask what you're seeing in terms of the offense of fraud using AI and how that might accelerate the adoption of your new products and your investment in new products around AI to combat that.

非常感谢您回答这个问题。我想问一下关于人工智能在欺诈方面的应用。我知道您正在将人工智能融入您的产品中，并且可能作为增值服务的一部分来打击欺诈。我只是想问一下，您在使用人工智能进行欺诈行为方面观察到了什么，以及这可能如何加速您新产品的采用和您在围绕人工智能打击欺诈方面的新产品投资。

Michael Miebach 迈克尔·米巴赫

Right. So with rapid digitization around the world, we've seen a lot of new entrants into the ecosystem. A lot of small businesses have digitized post-COVID as you see in emerging markets, a lot of people for the first time using digital solutions. So digitalization is growing, vulnerabilities are growing and technology in the hands of fraudsters is also evolving. So this makes for an environment where players like ourselves who oversee an ecosystem, a franchise between banks and merchants and for the benefit of the end consumer need to really invest in safety and security. We've done that. And AI isn't actually anything new for us. So we've -- for the better part of a decade, we've been using AI. This is a discrete machine learning technology to really predict where is the next problem and analyze data of -- that we have and the data that our customers have to prevent fraud. So that's been very successful.

好的。随着全球快速数字化，我们看到许多新进入者进入生态系统。许多小企业在后疫情时代实现了数字化，尤其是在新兴市场，很多人第一次使用数字解决方案。因此，数字化在增长，脆弱性也在增加，而技术在欺诈者手中也在不断演变。这使得像我们这样的参与者在监督生态系统、银行与商户之间的特许经营以及为最终消费者的利益服务时，必须真正投资于安全和保障。我们已经这样做了。人工智能对我们来说其实并不新鲜。在过去的十年里，我们一直在使用人工智能。这是一种离散的机器学习技术，旨在预测下一个问题在哪里，并分析我们拥有的数据以及客户拥有的数据，以防止欺诈。这非常成功。

As far as generative AI is concerned, evolving technology here, there's obviously an opportunity for us to understand more data in a quicker way. And we have used that initially to you to train our AI models, our discriminative AI models using generative AI to create artificial data set. So that was the first step. And then we went into putting out a new set of products. I mentioned Decision Intelligence. Our Decision Intelligence is that we've had for a long time, machine learning driven that was predicting fraud outcomes and now we're using more data sets to -- that are externally available, stole the card data and so forth to understand where our fraud vulnerabilities might be. The lift is tremendous, 20%, we see in terms of effectiveness out of that product.

关于生成式人工智能，这里的技术正在发展，显然我们有机会更快地理解更多数据。我们最初使用它来训练我们的人工智能模型，我们的区分性人工智能模型，使用生成式人工智能创建人工数据集。这是第一步。然后我们推出了一套新产品。我提到了决策智能。我们的决策智能是我们已经拥有很长时间的，由机器学习驱动的，预测欺诈结果，现在我们正在使用更多可用的外部数据集——比如偷来的卡数据等，来了解我们的欺诈漏洞可能在哪里。提升是巨大的，我们在该产品的效率上看到了20%的提升。

So we start to see demand for the whole reason on the vulnerabilities that I talked about. So we expect continued growth. We also expect the fraudsters to come up with new techniques themselves, we need to continue to evolve. So I believe that the penetration of generative AI and our fraud and cybersecurity product that will only expand. Now I talked a lot about transaction-related fraud. The vectors around cybersecurity, obviously much broader. It's prediction of fraud. It is what's the general cybersecurity posture of a company, risk recon capabilities and so forth. We try to cover the whole ecosystem and become a true strategic partner of our customers. So if anything, this whole space is going to grow further, and you're going to continue to see us invest in that area.

因此，我们开始看到对我所提到的脆弱性整体原因的需求。因此，我们预计将继续增长。我们也预计欺诈者会自己想出新的技术，我们需要不断进化。因此，我相信生成性人工智能的渗透以及我们的欺诈和网络安全产品只会扩展。现在我谈了很多关于交易相关的欺诈。网络安全的向量显然要广泛得多。这是对欺诈的预测。这是公司的整体网络安全态势、风险重识别能力等等。我们努力覆盖整个生态系统，成为客户真正的战略合作伙伴。因此，如果说有什么的话，这整个领域将进一步增长，您将继续看到我们在该领域的投资。

Devin Corr 德文·科尔

We time for one more question, Julianne.

我们还有时间问一个问题，朱莉安。

Operator 操作员

Our last question will come from Andrew Schmidt from Citi. Please go ahead. Your line is open.

我们最后一个问题来自花旗的安德鲁·施密特。请继续。您的线路已开启。

Andrew Schmidt 安德鲁·施密特

Hi, Michael. Hey, Sachin, thanks for squeezing me in. I just want to double-click on macro viewpoint. If I hear in the message correctly, it sounds like not mix, but consumer spend trends are stable for the most part. If you could just double click on that and let us know if there's any divergence amongst different consumer demographics and correspondingly what that might mean for debit versus credit, transaction sizes, anything like that, that would be super helpful.

嗨，迈克尔。嘿，萨钦，谢谢你抽时间见我。我想再深入探讨一下宏观观点。如果我理解信息正确的话，听起来消费支出趋势大部分是稳定的，而不是混合的。如果你能详细说明一下，并告诉我们不同消费者群体之间是否存在任何差异，以及这可能对借记卡与信用卡、交易规模等意味着什么，那将非常有帮助。

Michael Miebach 迈克尔·米巴赫

Right. So at the outset of my prepared remarks, I talked about the puts and takes on inflation, on the prices. The bottom line there is that for now, the consumer is supported, and that's pretty much irrelevant of income cohort, is supported by a strong labor market. So that's fundamentally true, and it's fundamentally true around the world. But it's in aggregate, but it's not a uniform answer. The picture obviously plays out very differently country-by-country.

好的。在我准备的发言开头，我谈到了通货膨胀和价格的利弊。底线是，目前消费者得到了支持，这与收入群体基本无关，得益于强劲的劳动市场。这是根本真实的，全球范围内都是如此。但这是一个总体情况，并不是一个统一的答案。显然，各国的情况差异很大。

We have a very global business. So we look at what is the Central Bank of Japan doing and we saw that today. They raised rates. And then Europe, you see Germany came through with actually a small recession in the past quarter. So there's a lot of back and forth. But that fundamental point that the consumer is supported by a strong labor market and some wage growth. I think that's true, and we don't expect any dramatic changes on that front, and that's why we remain positive about the outlook.

我们有一个非常全球化的业务。因此，我们关注日本央行的动向，今天我们看到他们加息了。然后在欧洲，德国在过去一个季度实际上出现了小幅衰退。所以有很多反复。但消费者受到强劲劳动力市场和一些工资增长的支持这一基本点，我认为是正确的，我们不期待在这一方面有任何戏剧性的变化，这就是我们对前景保持乐观的原因。

You peel the onion a bit further, you look into different cohorts. And it's pretty clear that when it comes to higher income versus lower income, if you spend on an expensive trip or an experiences during the summer, whatever you're trying to do, you have more income, then you can do more of that and you have less income and you can do less of that. What we generally see though as a function of the digital economy. The higher-end consumer, but certainly the mid-income and lower-income consumer is much more empowered, empowered by having more data and the ability to look for a better deal. And that's what everybody is trying to do to make things add up and work for them that they still want to do that trip.

你进一步剖析，观察不同的群体。很明显，当涉及到高收入与低收入时，如果你在夏天花费在一次昂贵的旅行或体验上，无论你想做什么，收入更高的人可以做更多，而收入较低的人则能做得更少。然而，我们通常看到的是数字经济的一个结果。高端消费者，当然中等收入和低收入消费者的权力大大增强，他们通过拥有更多的数据和寻找更好交易的能力而获得了更多的权力。这就是每个人都在努力做的事情，以使事情能够加起来并为他们所用，他们仍然想去那次旅行。

So all of that together overall adds up to a picture that we feel pretty good, at least about our side of the business. And why do I say that? Because inflation and prices cut across carded and non-carded. But we are obviously particularly positioned. So you saw that rise. And right now, you see a lot of inflation in auto insurance and rent. That's not necessarily so much carded. So these are all the things that we think through comes back down to the fundamental point in aggregate, we see healthy consumer spending and don't see that changing in the short term.

所以所有这些加在一起，整体上形成了一个我们对自己业务感到相当满意的局面。为什么我这么说？因为通货膨胀和价格影响了有卡和无卡的产品。但我们显然处于一个特别有利的位置。所以你看到了那种上升。目前，你会看到汽车保险和租金的通货膨胀非常明显。这不一定是有卡的产品。因此，这些都是我们认为最终回归到一个基本点的因素，总体上我们看到健康的消费者支出，并且在短期内看不到变化。

Sachin Mehra 萨钦·梅赫拉

And Andrew, I'll just add one point, and Michael touched on this before, which is at the end of the day, our diversified business model lends really well in different environments because at the end of the day, right, we are geographically diversified. We've got great diversification across debit and credit. We've got good diversification around channels of spend. So the reality is when these puts and takes take place in certain sectors of the economy, a dollar spent on one sector versus the dollar spent on the other sector, we're relatively indifferent so long as it's got to spend. And that diversification really helps our business the way we are actually structured, which has not happened by chat. It's happened by design. And so that's something which is super important for us.

安德鲁，我再补充一点，迈克尔之前提到过，这就是在一天结束时，我们多元化的商业模式在不同环境中表现得非常好，因为归根结底，我们在地理上是多元化的。我们在借记卡和信用卡方面有很好的多元化。我们在消费渠道方面也有良好的多元化。因此，现实是，当经济某些部门发生波动时，花在一个部门上的一美元与花在另一个部门上的一美元相比，我们相对无所谓，只要有支出。而这种多元化确实帮助了我们的业务，正是我们实际的结构所致，这并不是偶然发生的，而是经过设计的。因此，这对我们来说是非常重要的。

跟整个经济体挂钩，增长来自哪里？driving net revenue growth at a faster clip than operating expense growth over the long term. ，这样的策略是符合现实的。

Devin Corr 德文·科尔

Thank you. Now I'll hand it back to Michael for any closing comments.

谢谢。现在我将把时间交给迈克尔进行任何结束评论。

Michael Miebach 迈克尔·米巴赫

All right. Thanks, Devin. So everybody past, we talked about the momentum and a good quarter. all of this obviously only happens because it takes the hard work of our colleagues at Mastercard, I thank them, and I also want to thank you for your support for Mastercard. We're looking forward to speak to you in a quarter from now and hopefully see some of you at our Investor Day Community Meeting on November 13 in New York. Thank you very much.

好的，谢谢，德文。那么大家过去，我们谈到了势头和一个良好的季度。显然，这一切的发生都离不开我们万事达卡同事的辛勤工作，我感谢他们，也想感谢你们对万事达卡的支持。我们期待在一个季度后与你们交谈，并希望在 11 月 13 日的纽约投资者日社区会议上见到你们中的一些人。非常感谢。

Operator 操作员

This concludes today's conference call. Thank you for your participation. You may now disconnect.

本次电话会议到此结束。感谢您的参与。您现在可以挂断电话。

2024-07-31 Mastercard Incorporated (MA) Q2 2024 Earnings Call Transcript

2024-07-31 Mastercard Incorporated (MA) Q2 2024 Earnings Call Transcript

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