2025-01-30 Mastercard Incorporated (MA) Q4 2024 Earnings Call Transcript
Mastercard Incorporated. (NYSE:MA) Q4 2024 Earnings Conference Call January 30, 2025 9:00 AM ET
Company Participants
Devin Corr - Head of Investor Relations
Michael Miebach - Chief Executive Officer
Sachin Mehra - Chief Financial Officer
Conference Call Participants
Andrew Schmidt - Citi
Darrin Peller - Wolfe Research
Harshita Rawat - Bernstein
Rayna Kumar - Oppenheimer
Tien-tsin Huang - JPMorgan
Ramsey El-Assal - Barclays
David Koning - Baird
Bryan Bergin - TD Cowen
Timothy Chiodo - UBS
Trevor Williams - Jefferies
William Nance - Goldman Sachs
Sanjay Sakhrani - KBW
Operator
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 Q4 and Full Year 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you, Mr. Devon Kaur, head of Investor Relations. You may begin your conference.
早上好。我的名字是Julianne，今天我将担任您的电话会议接线员。现借此机会欢迎大家参加万事达卡公司2024财年第四季度及全年收益电话会议。所有线路现已静音，以避免任何背景噪音。发言人讲话后，将进行问答环节。[接线员指示]谢谢您，投资者关系负责人Devon Kaur先生。您可以开始会议。
Devin Corr
Thank you, Julianne. Good morning, everyone, and thank you for joining us for our fourth 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，感谢您参加我们的2024财年第四季度收益电话会议。今天与我同在的还有我们的首席执行官Michael Miebach和首席财务官Sachin Mehra。在Michael和Sachin发表讲话后，接线员将通知大家进入问答环节排队的机会。只有到那时，提问队列才会开放。您可以在我们网站mastercard.com的投资者关系部分查阅本次会议伴随发布的收益公告、补充业绩数据和幻灯片。
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，今早早些时候该公告已提交给美国证券交易委员会（SEC）。除非另有说明，否则我们今天关于财务业绩的评论均以非公认会计准则、货币中性为基础。公告和幻灯片中均包含非公认会计指标与按公认会计准则报告金额之间的调节对账。
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，正如我们的收益公告中更详细地说明的那样，我想提醒大家，今天的电话会议将包含关于万事达卡未来业绩的前瞻性陈述。实际业绩可能与这些前瞻性陈述存在重大差异。可能影响未来业绩的因素信息已在我们的收益公告末尾以及近期提交的SEC文件中进行了汇总。本次电话会议的重播将在我们网站上保留30天。
With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.
现在，我将电话会议交由我们的首席执行官Michael Miebach主持。
Michael Miebach
Thank you, Devin. Good morning, everyone. We finished the year strong. Fourth quarter net revenues were up 16% and adjusted net income up 19% versus a year ago on a non-GAAP currency-neutral basis. Our diverse capabilities in payments and services and solutions, including the acquisition of Recorded Future this quarter set us apart. They also position us well for long-term growth, as we outlined at our Investor Day. And this is what you will see and the new and expand the partnerships we will discuss this morning.
谢谢你，Devin。大家早上好，我们以强劲的表现结束了本年度。第四季度净收入较去年同期增长16%，调整后净利润增长19%（均以非公认会计准则、货币中性计）。我们在支付、服务及解决方案领域拥有多样化的能力，包括本季度收购的 Recorded Future，这使我们与众不同。这些优势也使我们在长期增长方面处于有利位置，正如我们在投资者日上所阐述的。今天早上，我们将讨论全新及扩展的合作伙伴关系，您将会看到这些成果。
The macroeconomic environment continues to perform well, and it is underpinned by healthy consumer spending as we've seen in today's news. The labor market is strong with low unemployment and continued wage growth. Inflation has moderated, but to varying degrees across categories and countries. Consumers remain engaged. Affluent consumers have benefited from the wealth effect, while the mass segment remains supported by the labor market.
宏观经济环境持续表现良好，并得到了健康消费支出的支撑，正如我们在今日新闻中所见。劳动力市场强劲，失业率低且工资持续增长。通胀有所缓和，但在各类别和国家间的程度各异。消费者依然活跃，其中富裕消费者受益于财富效应，而大众市场则依旧得到劳动力市场的支持。
Our e-commerce institute expects a year of global economic expansion in 2025, defined by shifts in monetary and fiscal policy, or by geopolitical concerns remain. Overall, we remain positive about our growth outlook. We will continue to monitor the external environment and stand ready to adjust if needed. We remain hyper focused on successfully executing on what we can control. Our strategic priorities, which fuel our growth algorithm. We laid out in detail at our Investor Day, those three strategic priority areas include consumer payments, commercial and new payment flows and services and solutions.
我们的电子商务研究院预计2025年将迎来全球经济扩张的一年，这一扩张将由货币和财政政策的变化或地缘政治问题所定义。总体而言，我们对增长前景持积极态度。我们将继续关注外部环境，并在必要时做好调整准备。我们始终高度关注于成功执行那些我们能够控制的事项。正如我们在投资者日上详细阐述的那样，推动我们增长算法的三大战略重点包括消费者支付、商业及新支付流，以及服务与解决方案。
A clear proof point on how we're executing is our steady drumbeat of share wins across products and geographies. Now I often highlight our larger wins on these calls with you, but it's important to note that our local teams are competing for and winning deals of all sizes based on the differentiated value that we provide.
我们执行力的明显证明在于我们在各产品和地区不断取得市场份额。虽然我常在电话会议上强调我们的重大胜利，但同样重要的是要指出，我们的本地团队正凭借我们所提供的独特价值，争取并赢得各类规模的交易。
Having a diverse portfolio with customers of all types is essential. It allows us to further expand our customer base and enables us to bake into new areas where we can partner and grow together. In 2024, we flipped or expanded hundreds of relationships globally.
拥有各类型客户的多样化组合至关重要。这不仅使我们能够进一步扩大客户基础，还让我们有机会进入新的领域，与合作伙伴共同成长。2024年，我们在全球范围内翻转或扩展了数百个合作关系。
Let's first focus on the U.S. where we have won several large flips over the last few years. That momentum continued this quarter. ICBA payments, which serves thousands of community banks will significantly expand its partnership with Mastercard. This includes card issuance across their partner banks spreaded and debit portfolios.
让我们首先关注美国，过去几年我们在此赢得了数个重大翻转项目，这一势头在本季度得以延续。ICBA支付服务于数千家社区银行，将大幅扩展与万事达卡的合作关系，其中包括在其合作银行中推广信用卡发行及借记卡产品。
In Mid-Florida, a large credit union will migrate their credit and debit portfolios to us. Both partners highlighted our differentiated product suite, analytics capabilities and the expertise of our people as a key in their decision to expand their relationship with Mastercard.
在佛罗里达中部，一家大型信用合作社将把其信用卡和借记卡产品组合迁移至我们平台。双方均强调，我们独特的产品组合、数据分析能力以及团队专业水平是其决定扩大与万事达卡合作关系的关键因素。
In the public sector space, we renewed our long-standing relationship supporting the Direct Express program, one of the largest social benefit card programs in the world. Direct Express disperses benefits, including social security, veterans and disability on to Mastercards held by over 3 million Americans.
在公共部门领域，我们续签了长期合作关系，继续支持 Direct Express 项目——全球最大的社会福利卡项目之一。Direct Express 将包括社会保障、退伍军人福利和残疾补助在内的福利发放至超过300万美国人持有的万事达卡上。
And the momentum also continues into travel and retail verticals. Porter Airlines and Bank of Montreal, will launch a new co-brand program with us in Canada. In the U.S., we renewed our consumer and small business co-brand credit card partnership with IHG and Chase. They will leverage our data analytics and loyalty assets to enhance their value proposition. And we renewed our co-brand partnership with Sam's Club, we will continue to leverage our products and services.
这一势头也延伸到了旅游和零售领域。加拿大的 Porter 航空和蒙特利尔银行将与我们共同推出全新的联合品牌项目；在美国，我们与 IHG 及 Chase 续签了消费者及小企业联合品牌信用卡合作协议，他们将利用我们的数据分析和忠诚度资产来提升自身价值主张。同时，我们还续签了与 Sam's Club 的联合品牌合作，继续利用我们的产品和服务。
Our success extends across all regions with several significant renewals and expansions. We secured long-term exclusivity on debit with Saudi National Bank. We renewed and strengthened our partnership with Nubank. We've extended our relationship with Banco Santander in the U.K., and we successfully renewed our global premier credit card agreement with HSBC in over 20 countries. All these wins are a result of the successful execution of the strategic priorities we discussed at Investor Day. I will share a few highlights on each area, starting with consumer payments.
我们的成功遍及所有地区，并伴随着多项重要的续约和扩展。我们与沙特国家银行获得了借记卡领域的长期独家合作权；与 Nubank 的合作关系得以续签并进一步加强；我们在英国与桑坦德银行的合作关系得到了扩展；同时，我们还成功续签了与汇丰银行在20多个国家的全球高级信用卡协议。所有这些成果均源于我们在投资者日上讨论的战略重点的成功执行。接下来，我将从消费者支付领域开始，分享各个方面的一些亮点。
Now these flows represent a long runway of opportunity for sustained growth. Today, there's over $11 trillion and 1.5 trillion transactions and cash and check around the world. We are capitalizing on the significant secular opportunity by expanding acceptance, reimagining checkout, opening closed-loop systems and enabling new verticals.
这些支付流量代表了可持续增长的广阔前景。如今，全球交易总额超过11万亿美元，交易次数达到1.5万亿次，同时还有大量现金和支票交易。我们正通过扩大接受范围、重新构想结账流程、开启封闭式系统以及开辟新领域，来抓住这一重大的长期机会。
First up, we're positioned to be the most accepted payments network in the world with around 150 million acceptance locations globally today. Second, we are reimagining checkout. And that with our 2030 global plan to phase out manual card and password entry online in favor of smiles and fingerprints. Not only is that a better experience, but it's also more secure and is fully aligned with our data privacy principles. And the online space needs that. Fraud rates are 7 times higher online and in store. And approximately 25% of online shopping carts are abandoned because checkout is just too slow. Our tokenization biometric capabilities sit at the heart of these solutions. Need proof?
首先，我们有望成为全球最广泛接受的支付网络，目前全球约有1.5亿个受理点。其次，我们正在重新构想结账流程，并计划在2030年前逐步淘汰在线手动输入卡号和密码，而采用微笑和指纹识别。这不仅能提供更优体验，而且更安全，且完全符合我们的数据隐私原则。在线环境尤为需要这种变革，因为线上和线下的欺诈率高出7倍，约25%的购物车因结账过慢而被放弃。我们的令牌化生物识别能力正是这些解决方案的核心。需要证据吗？
Well, in 2024, we tokenized about 4 billion transactions per month, which is up 40 times over the past 6 years. As we have said in the past, there are many use cases for tokens. Take, for example, the next click of our multi-option payment solutions. We're rolling out the Mastercard 1 credential, which allows consumers the flexibility and control to set their payment preferences in their banking app for each transaction, if they so choose to, be it credit, debit, prepaid or buy now pay later, all behind one credential one token. And the merchant the merchant accepts that through the same simple and secure digital connections as always, no added work.
实际上，在2024年，我们每月令牌化处理了约40亿笔交易，比过去6年增长了40倍。正如我们此前所言，令牌有许多使用场景。例如，在我们的多选支付解决方案中，消费者只需轻点一下。我们正在推出 Mastercard 1 凭证，使消费者能够在其银行应用中灵活地为每笔交易设置支付偏好——无论是信用、借记、预付还是先买后付——均通过一个凭证、一个令牌完成。而商户则通过一如既往的简单安全数字连接接受支付，无需额外操作。
Tokens provide tremendous value, and we offer a set of services on and around those tokens such as life cycle management and authentication, which enhance that value. Now while the growth of token makes the ecosystem safer and more secure, we also benefit on the natural tailwind associated with the growth of token usage.
令牌提供了巨大的价值，我们围绕这些令牌提供了一系列服务，如生命周期管理和身份验证，从而进一步提升了其价值。与此同时，令牌使用量的增长不仅使生态系统更加安全稳固，我们也从这种自然上升趋势中获益。
Shifting gears. We're also driving incremental volume and transactions on our network by opening up closed-loop systems. Beyond the transit opportunities we talked about many times, we're also partnering with local wallet providers to create greater simplicity and access for the end consumer.
换个角度来说，我们还通过开放封闭式系统，推动网络中额外的交易量和交易次数。除了我们多次提及的交通运输机会之外，我们还与当地钱包提供商合作，为终端消费者创造更便捷的支付体验和更广泛的使用渠道。
In Sweden, we're working with Swish so that users can tap to pay and store both domestically and abroad by adding their Mastercard to the Swiss app. In Latin America, we collaborated with Davivienda to co-create a digital-first debit product aimed at driving financial inclusion. We signed an exclusive partnership with them to launch the product on the DaviPlata digital app.
在瑞典，我们正与 Swish 合作，用户通过将万事达卡添加至 Swish 应用中即可在国内外实现刷卡支付和储值；在拉丁美洲，我们与 Davivienda 合作，共同推出了一款以数字化为主的借记产品，旨在推动金融普惠。我们已与其签署独家合作协议，在 DaviPlata 数字应用上推出该产品。
And our pay local service seamlessly connects with local digital wallets, enabling consumers who use Mastercard to make card payments across a broader set of local merchants. At the same time, merchants benefit from access to more consumers and the protections we provide. The solution supports local tourism, that market that we travel to where we couldn't pay, provides a seamless consumer experience and helps drive cross-border volumes.
我们的本地支付服务可无缝连接当地数字钱包，使使用万事达卡的消费者能够在更多本地商户间进行刷卡支付。同时，商户也能从中受益，接触到更多消费者并享有我们提供的保护。该解决方案支持本地旅游，为那些过去支付不便的市场提供无缝的消费体验，并助力推动跨境交易量的增长。
Building on partnerships with leading wallet providers like Alipay and GrabPay, several additional players in Asia Pacific will now open their wallets to cards. This include Dana in Indonesia, Touch & Go in Malaysia, Bakong in Cambodia and Lanka Pay in Sri Lanka.
在与支付宝和 GrabPay 等领先数字钱包提供商合作的基础上，亚太地区还有几家新玩家现已开始支持银行卡支付，其中包括印尼的 Dana、马来西亚的 Touch & Go、柬埔寨的 Bakong 以及斯里兰卡的 Lanka Pay。
We're also capturing new verticals like consumer bill payments. This quarter, we partnered with Bemobi in Brazil. Bemobi will integrate Click to Pay into their bill payment platform, enabling fast and secure payments for recurring services like telecoms and utilities.
我们还在开拓诸如消费者账单支付等新领域。本季度，我们与巴西的 Bemobi 建立合作，Bemobi 将把“点击支付”功能整合到其账单支付平台中，从而实现电信和公用事业等经常性服务的快速安全支付。
Now as a network company, we're focused on enabling the broader ecosystem, and that's exactly what we have been doing in the crypto sector. We have a well-planned, balanced strategy that serves financial institution, crypto players and, of course, consumers to drive growth and provide choice in this space.
作为一家网络公司，我们专注于赋能更广泛的生态系统，这正是我们在加密领域所做的工作。我们制定了周密且均衡的战略，为金融机构、加密领域的参与者以及消费者提供服务，以推动增长并为这一领域提供更多选择。
We're partnering with a wide range of crypto players to enable consumers to buy cryptocurrencies on card and spend their crypto balances anywhere that Mastercard is accepted. I'm very excited about new partnerships with Crypto.com and Metamask. Just a few of the many new players we have added in 2024.
我们正与众多加密领域的企业合作，使消费者能够通过卡片购买加密货币，并在任何接受万事达卡的地方使用他们的加密余额。我对与 Crypto.com 和 Metamask 建立的新合作伙伴关系感到非常兴奋，这只是我们2024年新增众多新伙伴中的一部分。
And we're enthusiastic about the future of block chain technology, but to reach its full potential, we believe there's a need for sound governance interoperability and real-world use cases. All this is a core competency of ours built over decades. To meet these needs, we develop the multi token network, MTN. This quarter, we partnered with Conexus by JPMorgan, the firm's block chain base unit to integrate MTN as a payment settlement solution. By bringing together the power and connectivity of Mastercard's MTN with Conexus digital payments, we aim to unlock greater speed, transparency and faster settlement capabilities for cross-border B2B payments. And while it's early days, we're excited about the opportunities, which digital assets can bring to the world of payments as the space evolves, complementing our existing solutions.
我们对区块链技术的未来充满热情，但要充分发挥其潜力，我们认为必须具备健全的治理、互操作性和真实的应用场景，而这些正是我们经过数十年积累的核心竞争力。为满足这些需求，我们开发了多令牌网络（MTN）。本季度，我们与摩根大通旗下的区块链基础部门 Conexus 建立合作，将 MTN 整合为支付结算解决方案。通过整合万事达卡 MTN 的强大功能与 Conexus 数字支付，我们旨在为跨境 B2B 支付解锁更高速度、更大透明度和更快结算能力。虽然目前还处于初期阶段，但我们对数字资产随着支付领域演进所带来的机遇充满期待，这将补充我们现有的解决方案。
Now while consumer payments offer a significant runway for growth, commercial flows represent an even larger $80 trillion serviceable addressable market. Only about $3 trillion is carted today.
虽然消费者支付为增长提供了显著的潜力，但商业支付流则代表了更大的80万亿美元可服务市场，而目前仅有约3万亿美元在流转。
In 2024, our commercial credit and debit volumes represented 13% of our total GDV and grew at 11% year-over-year on a local currency basis, just to give you the latest stats.
在2024年，我们的商业信用卡和借记卡交易量占总交易额的13%，并以当地货币计同比增长了11%，这仅仅是最新数据。
On top of that, disbursements and remittances represent an additional $20 trillion in addressable market. We're pursuing that opportunity with Mastercard Move, where transactions were up over 40% year-over-year in the fourth quarter. But let's dig into commercial.
此外，发放和汇款领域代表了另外20万亿美元的可服务市场。我们正通过 Mastercard Move 抓住这一机遇，在第四季度交易量同比增长超过40%。现在，让我们深入探讨商业领域。
First, we're expanding our global leadership in virtual cards by expanding across use cases, geographies and verticals. For example, partnering with Net Narest [ph] to distribute our new mobile VCN to U.K. companies and their employees. We're deploying virtual cards with Citi in Argentina, the first deployment of ECN in that market.
首先，我们正通过扩展应用场景、地域和垂直领域，巩固在虚拟卡领域的全球领导地位。例如，我们与 Net Narest [ph] 合作，将我们的新移动虚拟卡分发给英国企业及其员工；同时，我们在阿根廷与花旗合作部署虚拟卡，这是该市场首次推出 ECN。
And then in the travel vertical we established new partnerships with Worldpay and Emirates NBD to offer virtual cards to their customers. We're also leaning into our success in travel and applying into new high-potential verticals.
接着，在旅游领域，我们与 Worldpay 及 Emirates NBD 建立了新的合作伙伴关系，为其客户提供虚拟卡。我们还依托在旅游领域的成功，拓展进入新的高潜力垂直领域。
For example, trade and logistics. Building on our previous announcement of Dubai First World, we're driving continued growth in this sector. Global Fintech invoice Bazar will distribute new co-branded Mastercards to help digitize payments across the trade ecosystem. And similar in consumer packaged goods, we partner with Dean [ph] Finance and Prime Dash to enable small business in the Middle East to automate payments to Coca-Cola distributors. This builds on partnerships with leading beverage distributors in Latin America that I spoke about in previous calls. They have good momentum on connecting small business in this space.
例如，在贸易与物流领域，基于我们之前关于 Dubai First World 的公告，我们正推动该领域的持续增长。Global Fintech Invoice Bazar 将分发全新联合品牌万事达卡，助力数字化整个贸易生态系统的支付。同时，在消费包装品领域，我们与 Dean [ph] Finance 及 Prime Dash 合作，使中东的小企业能够实现对可口可乐分销商的自动化支付。这一举措建立在我们此前与拉丁美洲领先饮料分销商的合作基础上，他们在连接该领域的小企业方面势头良好。
We're also driving small business growth through expanded issuer partnerships. We signed an exclusive commercial deal with DNA, the state-owned bank in Argentina, AMP Bank in Australia will launch Mastercard debit cards for the new digital SME and consumer bank and ANT International's World first will expand our partnership to now issue virtual cards for SMEs and new markets, including Singapore and Australia.
我们还通过扩大发卡行合作来推动小企业的增长。我们与阿根廷国有银行 DNA 签订了独家商业协议；澳大利亚的 AMP Bank 将为新设立的数字中小企业及消费者银行推出万事达借记卡；而 ANT International’s World first 则扩展了我们的合作关系，现在将为中小企业及包括新加坡和澳大利亚在内的新市场发行虚拟卡。
Now let me turn to our third strategic priority, Services and Solutions. As we outlined at our Investor Day, services represent a serviceable addressable market of at least $165 billion. We delivered almost $11 billion in services and solutions revenue in 2024, $11 billion. That's exciting. But it's equally exciting that we're less than 7% penetrated. That's a significant runway for growth. We have a clear plan to execute against it.
现在让我谈谈我们的第三大战略重点——服务与解决方案。正如我们在投资者日上所阐述的那样，服务领域代表着至少1650亿美元的可服务市场。2024年，我们实现了近110亿美元的服务和解决方案收入，这令人振奋。但同样令人兴奋的是，我们的渗透率还不到7%，这显示出巨大的增长潜力。我们已有明确计划来加以落实。
First, we're developing and launching differentiated products. This quarter, we launched new services to support customer acquisition, provide unique market insights, manage subscriptions and identify threats. This includes closing on the acquisitions of both Minna Technology and Recorded Future. Let's stay right there.
首先，我们正在开发并推出差异化产品。本季度，我们推出了支持客户获取、提供独特市场洞察、管理订阅及识别威胁的新服务，这其中包括完成对 Minna Technology 和 Recorded Future 的收购。让我们先聚焦于此。
Cyber criminals have been around for decades, but attacks and fraud attempts are increasing at high levels as commerce increasingly move online and as AI becomes more prevalent. Our investments, both organic and inorganic, are key to fighting fraud and protecting the ecosystem. They also drive revenue growth. And add Recorded Future to this list. It is now part of Mastercard.
网络犯罪分子存在已久，但随着商业活动日益转向线上以及人工智能的普及，攻击和欺诈行为正以高水平上升。我们在这方面的投资——无论是内生的还是并购——都是打击欺诈、保护生态系统的关键，同时也推动了收入增长。再加上 Recorded Future，如今它已成为万事达卡的一部分。
Recorded Future is the world's largest threat intelligence company with more than 1,900 customers across 75 countries. Customers include over 50% of the Fortune 100 and government agencies in 45 countries, including more than half of the G20. We've been deploying AI at scale for well over a decade, so has Recorded Future. They leverage AI-powered insights to analyze threat data from every corner of the Internet and customers gain real-time visibility and actionable insights to proactively reduce risks. We now have an even more robust set of powerful intelligence, identity, dispute, fraud and scan prevention solutions.
Recorded Future 是全球最大的威胁情报公司，在75个国家拥有超过1900家客户，其客户包括《财富100强》中超过50%的企业以及45个国家的政府机构，其中包括超过一半的G20国家。我们和 Recorded Future 都在大规模部署人工智能，已有十余年经验。他们利用人工智能驱动的洞察力，从网络各个角落分析威胁数据，使客户能够实时获得可操作的见解，主动降低风险。如今，我们拥有了一套更为强大的情报、身份识别、争议解决、欺诈和扫描预防解决方案。
Together, these uniquely differentiated technologies will enable us to create smarter models, distribute these capabilities more broadly and help our customers anticipate threats before cyber-attacks can take place. That means better protection for governments, businesses, banks, consumers the entire ecosystem and well beyond the payment transactions.
这些独特而差异化的技术将使我们能够构建更智能的模型，更广泛地推广这些能力，并帮助我们的客户在网络攻击发生前预见威胁，从而为政府、企业、银行、消费者及整个生态系统，乃至支付交易之外的领域提供更好的保护。
We're also leveraging our distribution at scale to deepen market penetration of our services and solutions. For example, we provide a fraud solution that facilitates real-time information sharing between merchants, issuers and consumers to streamline disputes and reduce chargebacks. This quarter, we announced a new partnership with Stripe who will offer these capabilities to their millions of users. In Latin America, Itaú Unibanco will make them available across its digital channels to suborn millions of cardholders.
我们还在利用大规模分销网络，进一步深化我们服务和解决方案在市场上的渗透。例如，我们提供了一种欺诈解决方案，促进商户、发卡行和消费者之间的实时信息共享，从而简化争议处理并减少退款。本季度，我们宣布与 Stripe 建立新合作，后者将向其数百万用户提供这些功能；在拉丁美洲，Itaú Unibanco 将通过其数字渠道向数百万持卡人提供这些服务。
In Loyalty, we partnered with Nordea to consolidate their loyalty offerings with Mastercard and launch new cashback offers across Norway and Sweden. And we're also selling into new buying centers with traditional customers, opening up a larger share of wallet. For example, you partner with the CISO at Webster Bank to deploy RiskRecon and Cyber Quant solutions.
在忠诚度领域，我们与 Nordea 合作，将其忠诚度项目与万事达卡整合，并在挪威和瑞典推出新的返现优惠。同时，我们还在传统客户中开拓新的采购渠道，争取更大的市场份额。例如，与 Webster Bank 的首席信息安全官合作部署 RiskRecon 和 Cyber Quant 解决方案。
And finally, we're seeing strong demand for our services and solutions across a more diverse customer base, including online delivery services, gaming companies and travel partners.
最后，我们在包括在线配送服务、游戏公司和旅游合作伙伴在内的更为多元的客户群中看到了对我们服务和解决方案的强劲需求。
For example, we expanded our partnership with DoorDash, who will use our insights and analytics to optimize business performance globally. Sony PlayStation. We leverage our capabilities to showcase digital receipt to cardholders and banking apps and provide purchase information to bank's call center agents. In currency we’ll incorporate our open banking capabilities to support Hilton's new debit co-brand offering.
例如，我们扩展了与 DoorDash 的合作伙伴关系，后者将利用我们的洞察和数据分析优化全球业务表现。Sony PlayStation 则利用我们的能力向持卡人及银行应用展示数字收据，并向银行呼叫中心的客服人员提供购买信息。在货币领域，我们将整合开放银行能力，支持 Hilton 推出全新的借记联合品牌。
Services and Solutions are a large and growing revenue opportunity. They are essential, powerful virtuous cycle with our payments. We're laser-focused on executing capitalized on the significant runway in services in front of us.
服务与解决方案是一个巨大且不断增长的收入机会，与我们的支付业务构成了关键且强大的良性循环。我们正全力以赴，抓住眼前服务领域显著的增长潜力。
So in summary, we delivered another strong quarter, closed out another strong year. There is significant opportunity ahead. The fundamentals of our business are strong, so I'm very optimistic about the future for us, for us here at Mastercard. Our proven growth algorithm and differentiated solutions position us to deliver and to win as we've demonstrated time and time again.
总之，我们实现了又一个强劲的季度，圆满结束了又一年。前方机遇巨大。我们的业务基本面稳固，因此我对我们以及万事达卡的未来充满信心。我们经过验证的增长算法和差异化解决方案使我们能够一如既往地取得成功并不断取胜。
And with that, I'm going to hand it over to Sachin.
说到这里，我将把话筒交给 Sachin。
Sachin Mehra
萨钦·迈赫拉
Well, great. Thanks, Michael. Turning to Page 3, which shows our financial performance for the fourth quarter on a currency-neutral basis, excluding where applicable special items, and the impact of gains and losses on our equity investments.
非常好。谢谢你，Michael。接下来请看第3页，该页展示了我们以货币中性（非公认会计准则）为基础、不包括适用的特殊项目以及股权投资盈亏影响的第四季度财务业绩。
Net revenue was up 16%, reflecting continued growth in our payment network and our value-added services and solutions. Acquisitions had a minimal impact to this growth.
净收入增长了16%，反映了我们支付网络以及增值服务和解决方案的持续增长。收购对这一增长的影响微乎其微。
Operating expenses increased to 15%, including a 1 ppt increase from acquisitions. And operating income was up 17%, which includes a minimal impact from acquisitions.
营业费用增长至15%，其中包括因收购增加了1个百分点。营业收入增长了17%，这其中也包含了收购的微小影响。
Net income and EPS increased 19% and 22%, respectively, driven primarily by the strong operating income growth and further aided by a discrete tax benefit recognized in the fourth quarter. EPS was $3.82, which includes an $0.08 contribution from share repurchases.
净利润和每股收益分别增长了19%和22%，主要受强劲的营业收入增长推动，并进一步受益于第四季度确认的一次性税收优惠。每股收益为3.82美元，其中包括回购股份带来的0.08美元贡献。
相比AXP更高的增长速度，同时市场也给出更高的PE值，AXP是20倍，MA将近35倍。
During the quarter, we repurchased $3.4 billion worth of stock and an additional $644 million through January 27, 2025.
本季度，我们回购了价值34亿美元的股票，并在2025年1月27日前又回购了6.44亿美元的股票。
So let's turn to Page 4, where I'll speak to the growth rates of some of our key drivers for the fourth quarter on a local currency basis. Worldwide gross dollar volume, or GDV, increased by 12% year-over-year.
接下来请看第4页，我将讲解以当地货币计的第四季度一些关键驱动因素的增长率。全球总交易额（GDV）同比增长了12%。
In the U.S., GDV increased by 9% with credit growth of 8% and debit growth of 11%. Credit and debit growth was aided by the conversions of the previously announced Wells Fargo Commercial Credit and Citizens debit migrations, respectively. Outside of the U.S., volume increased 13% with credit growth 11% and debit growth of 14%.
在美国，GDV增长了9%，其中信用卡交易增长8%，借记卡交易增长11%。信用和借记卡的增长分别得益于此前宣布的富国商业信用卡和Citizens借记卡迁移的转换。在美国以外的地区，交易量增长了13%，信用卡增长11%，借记卡增长14%。
Overall, cross-border volume increased 20% globally for the quarter, reflecting continued strong growth in both travel and non-travel related cross-border spending.
总体而言，本季度全球跨境交易量增长了20%，反映了旅游和非旅游相关跨境支出持续强劲的增长。
Turning to Page 5. Switched transactions grew 11% year-over-year in Q4. Both card-present and card-not-present growth rates remained strong. Card present growth was aided in part by an increase in contactless penetration as contactless now represents approximately 72% of all in-person switched purchase transactions.
接下来请看第5页。第四季度，切换交易同比增长了11%。无论是持卡交易还是非持卡交易的增长率都保持强劲。持卡交易的增长部分得益于非接触式支付的普及，如今非接触支付约占所有现场切换购买交易的72%。
In addition, card growth was 6%. Globally, there are 3.5 billion Mastercard and Maestro-branded cards issued.
此外，卡片发行量增长了6%。全球共发行了35亿张万事达卡和Maestro品牌卡。
Turning now to Slide 6 for a look into our net revenue growth rates for the fourth quarter discussed on a currency-neutral basis. Payment Network net revenue increased 15%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives.
现在请看第6页，了解我们以货币中性基础讨论的第四季度净收入增长率。支付网络的净收入增长了15%，主要由国内及跨境交易和交易量的增长推动，同时也包括回扣和奖励的增长。
Value-Added Services & Solutions net revenue increased 17%. Acquisitions contributed approximately half of PPT to this growth. Growth was primarily driven by growth in our underlying drivers, strong demand for our consumer acquisition and engagement and business and market inside services, the scaling of our security, digital and authentication solutions and pricing.
增值服务与解决方案的净收入增长了17%。收购贡献了大约一半的百分点给这一增长。增长主要源于我们基本驱动因素的增长、对我们消费者获取及互动、企业和市场内部服务的强劲需求，以及我们在安全、数字和身份验证解决方案及定价上的扩展。
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.
接下来请看第7页，讨论与支付网络相关的关键指标。同样，除非另有说明，所有增长率均以货币中性为基础描述。
Looking at each key metric. Domestic assessments were up 10%, while worldwide GDV grew 12%. The difference is primarily driven by cross-border mix. Cross-border assessments increased 24%, while cross-border volumes increased 20%. The 4 ppt difference is primarily driven by pricing in international markets.
观察每项关键指标，国内评估费增长了10%，而全球GDV增长了12%。这一差异主要由跨境组合决定。跨境评估费增长了24%，而跨境交易量增长了20%。这4个百分点的差异主要源于国际市场的定价。
Transaction processing assessments were up 15%, while switch transactions grew 11%. The 4 ppt difference is primarily due to favorable cross-border mix and pricing. Other network assessments were $239 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees, and they fluctuate from period to period.
交易处理评估费增长了15%，而切换交易增长了11%。这4个百分点的差异主要归因于有利的跨境组合和定价。本季度其他网络评估费为2.39亿美元。提醒一下，这些评估费主要与许可、实施以及其他特许经营费用有关，并且会在各期之间波动。
Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 15%, which includes a 1 ppt impact from acquisitions.
接下来请看第8页。您可以看到，排除特殊项目后，以非公认会计准则、货币中性计，总调整后营业费用增长了15%，其中包含了因收购产生的1个百分点的影响。
Total adjusted operating expenses were higher than anticipated, primarily due to the impact of the acquisition expenses. The acquisition of the Recorded Future closed earlier than expected in Q4 2024, versus originally expected in Q1 2025, and was therefore not part of our Q4 forecast. Excluding acquisitions, the growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives.
总调整后营业费用高于预期，主要是由于收购费用的影响。Recorded Future的收购在2024年第四季度比预期提前完成，而原本预期是在2025年第一季度完成，因此未纳入我们的第四季度预测。剔除收购因素，营业费用的增长主要源于为支持我们战略计划持续执行而增加的支出。
Now turning to Page 9, let me comment on the operating metric trends. Starting with Q4, our switched volume metrics were strong with sequential increases versus the prior quarter, driven by healthy consumer and commercial spending. As was the case with switched volumes, cross-border volumes also benefited from healthy spending, easier comps, as well as a pull forward of travel spend. Specific to cross-border, card not present ex travel, we saw an uptick due to the purchases of cryptocurrency in Q4.
现在请看第9页，让我对运营指标趋势做些说明。从第四季度开始，我们的切换交易量指标表现强劲，与上一季度相比呈现环比增长，这得益于健康的消费者和商业支出。同样，跨境交易量也受益于健康的支出、更容易的比较以及旅游支出提前的影响。就跨境而言，非持卡交易（除旅游外）由于第四季度加密货币购买而有所上升。
Of note, the timing of high-volume versus low-volume calendar days as well as the timing of Black Friday impacted switched volume and cross-border metrics within the quarter. Transaction growth remained flat sequentially as compared to volumes due to higher average ticket sizes in Q4.
值得注意的是，高交易量日与低交易量日的日历安排以及黑色星期五的时机影响了本季度的切换交易量和跨境指标。由于第四季度的平均交易额更高，交易增长与交易量相比环比持平。
Now looking through the first 4 weeks of January, the metrics are holding up well and are generally in line with the fourth quarter. The increase in switched volume growth in the U.S. was primarily driven by an easier comp. Specifically, severe weather events across the country negatively impacted volumes this year and last year. However, the impact was more pronounced last year. As it relates to the decrease in intra-Europe cross-border volumes, this is primarily driven by the mix of calendar days and travel spend pull forward I just mentioned.
现在看一看1月的前四周，各项指标表现良好，总体上与第四季度持平。美国切换交易量增长的增加主要由于较易的同比比较。具体来说，今年和去年全国范围内的恶劣天气事件都对交易量产生了负面影响，但去年的影响更为明显。至于欧洲内部跨境交易量的下降，主要是由于我刚才提到的日历安排和旅游支出提前的组合效应。
Turning to Page 10. I wanted to share our thoughts on fiscal year 2025. Let me start by saying that the fundamentals of our business remain strong. And we are well positioned for the opportunities ahead, driven by a diversified business model, the significant opportunity for further secular shift to digital forms of payment in both consumer and commercial, and strong demand for our differentiated value-added services and solutions.
接下来请看第10页。我想分享我们对2025财年的看法。首先，我要说的是，我们业务的基本面依然稳固。我们凭借多元化的商业模式、消费者和商业支付进一步向数字化转变的巨大机会，以及对我们差异化增值服务和解决方案的强劲需求，已为未来的机遇做好充分准备。
The macro environment remains supportive of our base case, reflecting healthy consumer spending. And we remain confident in our ability to successfully execute our strategy while maintaining a disciplined capital planning approach. Overall, we are positive about the growth outlook for the short, medium and long term.
宏观环境依然支持我们的基本假设，反映出健康的消费者支出。我们也对自己在保持严谨资本规划方法的同时成功执行战略充满信心。总体而言，我们对短期、中期和长期的增长前景持乐观态度。
As it relates to our expectations for full year 2025, we expect net revenues to grow at the high end of low double digits to low teens range on a currency-neutral basis, excluding acquisitions. We estimate a headwind of approximately 2 ppt from foreign exchange, while acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year.
关于我们对2025全年业绩的预期，我们预计净收入将在剔除收购因素后，以货币中性计达到低两位数高端至低十几个百分点的增长。我们估计外汇将带来约2个百分点的逆风，而收购预计将为全年增长率增加1到1.5个百分点。
From an operating expense standpoint, we expect growth to be at the low end of a low double digits range versus a year ago on a currency-neutral basis, excluding acquisitions and special items. We expect a tailwind of approximately 1 to 2 ppt from foreign exchange, while acquisitions are forecasted to increase the OpEx growth rate for the year by approximately 5 ppt. To be clear, this impact of acquisition-related expenses was already contemplated in the 3-year performance objectives that we shared with you last November at our Investor Community Meeting.
从营业费用的角度看，我们预计在剔除收购和特殊项目后，以货币中性计，较去年增长将处于低两位数的低端。我们预期外汇将提供约1到2个百分点的顺风，而收购预计将使全年营业费用增长率增加约5个百分点。需要明确的是，这部分收购相关费用的影响已在我们去年11月于投资者社区会议上分享的三年业绩目标中考虑在内。
Let's dig into the acquisition-related expenses a bit. We closed the acquisition of Recorded Future and Minna Technologies at the very end of 2024. And now we will see a full year impact in 2025. The 5 ppt impact can be broken down into three main components, slightly more than 2.5 ppt relates to the run rate expenses for operating the business. Approximately 1 ppt is from the amortization of acquired intangible assets related to the purchase price allocation, and the remaining relates to integration costs and other onetime expenses.
让我们详细讨论一下收购相关费用。我们在2024年末完成了对 Recorded Future 和 Minna Technologies 的收购，现在将在2025年看到其全年的影响。这5个百分点的影响可以分为三个主要部分：略多于2.5个百分点来自于经营业务的持续性费用，大约1个百分点来自于与购买价格分配相关的已收购无形资产摊销，其余部分则与整合成本及其他一次性费用有关。
Now let me remind you about our acquisition philosophy. As you know, our acquisitions are strategy-led. We purchased companies that are complementary to our capability suite and they add to our addressable market. These companies are primarily in earlier stages with modest revenues compared to Mastercard, albeit fast growing. At the same time, these companies are in investment mode to drive longer-term growth. Post-acquisition, we look to scale revenues, drive synergies and ultimately deliver positive operating leverage over the medium term consistent with how we run our overall business.
现在让我提醒大家我们的收购理念。如您所知，我们的收购是以战略为导向的。我们收购那些与我们的能力套件互补、能拓展我们可服务市场的公司。这些公司多数处于初期阶段，与万事达卡相比收入较为适中，但增长迅速。同时，这些公司正处于投资模式，以推动长期增长。收购后，我们致力于扩大收入、实现协同效应，并最终在中期实现正向营业杠杆，这与我们整体业务的运营方式保持一致。
Now turning to the first quarter of 2025. Year-over-year net revenue growth is expected to be at the low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to have a 1 to 1.5 ppt impact to this growth rate, while we expect a headwind of approximately 3 ppt from foreign exchange for the quarter.
现在转到2025年第一季度。预计在剔除收购因素后，以货币中性计，净收入同比增长将在低十几个百分点的水平。预计收购将对这一增长率产生1至1.5个百分点的影响，而本季度则预计面临约3个百分点的外汇逆风。
From an operating expense standpoint, we expect Q1 growth to be in the low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to have a 4 to 5 ppt impact to this OpEx growth while we expect a tailwind of approximately 2 ppt from foreign exchange for the quarter.
从营业费用角度看，我们预计第一季度的增长较去年将处于低两位数的水平，同样以货币中性计，剔除收购和特殊项目。预计收购将对营业费用增长产生4至5个百分点的影响，而本季度预计将有约2个百分点的外汇顺风。
Other items to keep in mind. On other income and expenses, in Q1, we expect an expense of approximately $120 million, given the prevailing interest rates and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.
其他需要注意的事项：关于其他收入和费用，预计第一季度将产生约1.2亿美元的费用，这主要考虑到当前的利率水平和债务水平。这不包括股权投资的盈亏，该部分已在我们的非公认会计准则指标中剔除。
Finally, we expect a non-GAAP tax rate in the range of 20% to 21% for the full year and approximately 20% for Q1 based on the current geographic mix of our business. A lower forecasted tax rate for Q1 as compared to the balance of the year is consistent with prior years due to expected discrete tax benefits related to share-based payments in the first quarter.
最后，我们预计全年非公认会计准则税率将在20%至21%之间，第一季度约为20%，这基于我们当前的地域结构。与全年其他时期相比，第一季度预计税率较低，这与往年情况一致，因为第一季度预计会因基于股份的支付获得一次性税收优惠。
And with that, I will turn the call back over to Devin.
最后，我将把会议交还给Devin。
Devin Corr
德文·科尔
Thank you, Sachin. Thank you, Michael. Julianne, you may now open the line for questions.
谢谢你，萨钦。谢谢你，迈克尔。Julianne，现在请你打开提问通道。
Question-and-Answer Session
问答环节
Operator
接线员
[Operator Instructions] Our first question comes from Andrew Schmidt from Citi. Please go ahead. Your line is open.
[接线员指示] 我们的第一个问题来自花旗的Andrew Schmidt。请开始提问，您的线路已打开。
Andrew Schmidt
安德鲁·施密特
Hi, Michael, hey Sachin, thank you for taking my question this morning. Good metrics across the board here. Great to see. If I could just dig into the cross-border piece, the month-to-date trends to Jan 28. Can you talk about just the drivers of the growth there, whether was relatively similar to the fourth quarter, and then your expectations for 2025?
嗨，迈克尔，嗨，萨钦，谢谢你们今早回答我的问题。各项指标都非常优秀，令人欣喜。如果我可以深入探讨一下跨境部分，即截至1月28日的月度趋势，能否谈谈推动增长的因素，它们是否与第四季度大致相同，以及你们对2025年的预期？
And then if I could just sneak one more in, just thinking about 2025. We get a lot of questions on [indiscernible] discover. Maybe some thoughts about how you're thinking about that with respect to the models. Thanks so much.
另外，如果我能再插一句，关于2025年的问题。我们收到很多关于[听不清] Discover 的问题。不知你们在模型方面对此有何看法？非常感谢。
Sachin Mehra
萨钦·梅赫拉
Sure. No problem, Andrew. I'll take that question. So from a cross-border volume standpoint, just at the highest level, what I'm going to remind you is the value prop we offer from a cross-border standpoint continues to be incredibly solid. Our teams are out there. They're working hard. They're winning various kinds of portfolios, some of which Michael spoke about, even today about, which is some of the co-brand programs we've got with various airlines, etcetera.
当然，没问题，安德鲁。我来回答这个问题。从跨境交易量的角度来看，首先我要提醒大家，我们在跨境领域所提供的价值主张依然极为稳固。我们的团队在现场奋力工作，不断赢得各种投资组合，其中有些正如迈克尔今天提到的，比如我们与多家航空公司合作的联合品牌项目，等等。
Specific to your question around the metrics. Again, really good performance from a volume growth standpoint and cross-border at 20% for Q4. First of all, what you're seeing for the first 4 weeks of January is exactly that. It's the first 4 weeks of January. And what you're seeing in the nature of the 20% going down to 18% is going back exactly the comments I made in my prepared remarks, which is at the end of the day, the vast majority of that you're seeing come through intra-Europe, which is primarily being driven by two factors.
具体针对您提到的指标问题，第四季度跨境交易量增长达到20%，表现非常出色。首先，您在1月份前四周看到的情况正是如此——毕竟那就是1月份的前四周。而您看到跨境交易量从20%降至18%的现象，正呼应了我在准备发言中提到的观点：归根结底，大部分数据来源于欧洲内部交易，这主要由两个因素推动。
One is a pull forward of travel spend into the month of December, and you can see those metrics because you'll see intra-Europe growth in December at about 23%. And then there's the calendarization of days, which I kind of mentioned to you as well. Those are the two factors.
其中一个因素是将旅行支出提前到12月份，你可以从数据中看到，12月份欧洲内部交易增长大约达到23%。另一个因素是日历天数的安排，我之前也向您提到过。这就是这两个因素。
But fundamentally, the health of what we're seeing from an overall spend standpoint on cross-border continues to be excellent. We have no real reason to believe that going forward, that there's something going to change as it relates to the value prop. Obviously, the strength of cross-border as well as domestic spend is a function of how consumer health is. And right now, we're seeing the consumer to be in very good shape.
但从根本上看，我们在跨境整体支出方面的健康状况依然非常优秀。我们没有理由认为未来会在价值主张上发生变化。显然，跨境以及国内支出的强劲程度取决于消费者的健康状况，而目前我们看到消费者状况非常良好。
We also mentioned about how commercial is actually performing well, and you know that commercial actually also lends to our cross-border metrics. So something to keep in mind are there as well.
我们还提到，商业领域的表现同样出色，而商业交易也对我们的跨境指标有贡献。这一点也需要大家牢记。
Michael Miebach
迈克尔·米巴赫
All right. On the Cap One [ph] Andrew, let me start and then I happily hand it to Sachin for the model side of the question. But overall, the acquisition is in flight. As we know, it's going through the motions. I think it's fair to say the indications are positive that it will be approved. There's a whole range of examples where we have strategic partners will we also compete with on certain aspects of the business. Look in the acquiring space, for example. So this is not a new situation for us.
好的，关于Capital One的问题，安德鲁，让我先来回答，然后我会将模型部分的问题交给萨钦。但总体来说，该收购正在推进中。正如我们所知，一切都在按计划进行，我认为可以说，所有迹象表明该收购将获得批准。有许多例子表明，我们与战略合作伙伴在某些业务领域既合作又竞争，比如在收购领域。因此，这对我们来说并不是新情况。
Now Capital One is a tremendous part to ours. Highly strategic partner, tremendous growth that we've seen in our joint business. They have been public about shifting debit volumes to the Discover network. Now we are a competing network, and we will continue to invest in our network and ensure that we have a leading and differentiated solution out there.
现在，Capital One对我们来说占有非常重要的地位。作为一个高度战略性的合作伙伴，我们在共同业务中也见证了巨大的增长。他们公开宣布将借记卡交易量转移到Discover网络。而我们作为竞争网络，将继续投资我们的网络，确保我们提供领先且具有差异化的解决方案。
At the same time, we've been growing together in credit in other parts of the business. So we value this partnership. We'll continue along those lines. Fundamentally there is no surprises here to what we have said last time around. Sachin?
与此同时，在业务的其他领域，我们在信用方面也在共同成长。因此，我们十分重视这一合作关系，并将沿着这条道路继续前进。基本上，这与我们上次所说的一样，没有任何意外。萨钦？
Sachin Mehra
萨钦·梅赫拉
Yes. And I'll just add to what Michael said. Like Michael said right now, right. I mean, they've talked about -- Capital One has talked about migrating the debit volumes over. I think you're aware about the fact that debit volume primarily on the Mastercard network. And we built in our best assumptions both from a timing and a migration pace standpoint into the full year thoughts that I've shared with you today.
是的。我只是想补充迈克尔的话。正如他所说，Capital One已经讨论过将借记卡交易量迁移的问题。我想你们也清楚，借记卡交易量主要在万事达卡网络上进行。我们在今天分享的全年展望中，已经基于时机和迁移速度做出了最优假设。
So again, things might move around, and they likely will just because ours is a forecast. There's no predictability. The deal has got to get approved. Migrations have to start, but we've built in our best estimates as to how that's going to roll out.
所以，再次强调，情况可能会有所变化，而且很可能会变化，因为我们的预测本质上充满不确定性。交易必须获得批准，迁移也必须启动，但我们已经根据最佳估计预设了这一进程将如何展开。
Michael Miebach
迈克尔·米巴赫
One last thing. I should add one more thing.
最后，我还要补充一点。
Sachin Mehra
萨钦·梅赫拉
I talked about it in my prepared remarks earlier. There's great momentum in debit, which we have created in the U.S. So this isn't the only part that we have and we're building out a set of partnerships.
我在之前的准备发言中已经提到，借记卡业务在美国展现出强劲的增长势头。所以这并不是我们唯一的业务领域，我们还在构建一系列合作伙伴关系。
Operator
接线员
Our next question comes from Darrin Peller from Wolfe Research. Please go ahead. Your line is open.
我们的下一个问题来自Wolfe Research的Darrin Peller。请开始提问，您的线路已打开。
Darrin Peller
达林·佩勒
Hey thanks guys. Nice job. Just -- when we follow up on what we learned at your Investor Day, which was really helpful on the long-term trajectory of growth, if we could just take that and then put it into 2025, what are you expecting more specifically around your value-added services in the year ahead of us that we're in right now versus the consumer payments just to triangulate with growth?
嗨，谢谢各位。干得不错。接下来——在我们跟进您在投资者日上学到的内容（这对了解长期增长轨迹非常有帮助）时，如果把这些信息应用到2025年，您具体预期未来一年中增值服务会如何表现，与消费者支付的增长相比怎样，以便形成一个增长的三角验证？
And maybe Sachin, also just as a reminder, we're exiting the year at a 16% constant currency growth. Obviously, Discover could be a factor. But what other comp compares are lapping? Just remind us how much is in the outlook for lapping are other factors that could cause a deceleration from the exit rate down to the 12% to 13% from 16%. Thanks again guys.
另外，萨钦，再提醒一下，我们今年以16%的固定汇率增长结束。显然，Discover可能是一个因素。但还有哪些可比因素在“消化”往年的业绩？请告诉我们展望中有多少因素可能导致增长率从16%降至12%到13%。再次感谢各位。
Sachin Mehra
萨钦·梅赫拉
Sure. No problem. So first on your question around value-added Services and Solutions, look, I mean it goes back to what Michael said, Darrin, in his prepared remarks, which is we continue to invest in that space. It continued to build out excellent capabilities, which are going after what is a sizable and fast-growing addressable market.
当然，没问题。首先，关于您提到的增值服务和解决方案问题，这正呼应了迈克尔在准备发言中所说的，即我们会继续在这一领域进行投资，不断构建卓越的能力，目标是进入一个规模庞大且快速增长的可服务市场。
So again, we're not giving you a forecast as it relates to what we expect value-added service positions to grow in 2025. The underlying fundamentals of what we're doing there continue to be very healthy.
所以，我们不会提供2025年增值服务业务具体增长的预测，但我们在这一领域所做工作的基本面依然非常健康。
And again, remember, we gave you a little bit of color at Investor Day as to what the composition of those revenues are, what the drivers of those revenues are, including payment network drivers, including what we're doing from an overall safety and security standpoint with consumer engagement and acquisition standpoint. So there's a lot of good stuff going on. And this is broad-based. It is not region specific. I just want to be clear.
另外，请记得，在投资者日上我们已经介绍了一些关于这些收入构成以及其驱动因素的信息，包括支付网络因素，以及我们在消费者参与和客户获取以及整体安全方面所做的工作。所以进展非常不错，而且这些业务具有广泛性，并不局限于某个地区，我想明确这一点。
Sometimes people think about this as highly U.S. centric or maybe U.S. and Europe. The reality is across the globe. We're working hard. The teams are working incredibly hard to actually keep pushing value-added solutions. You can see we're strong again there, right. I mean now again, remember, value-added service solutions is one of those things where quarter-over-quarter, you might see some level of variability. But the reality is, overall, the fundamentals of the business continue to be very strong.
有时人们会认为这主要集中在美国，或者仅限于美国和欧洲。但实际上，这一切在全球范围内都在进行。我们的团队正在非常努力地推进增值解决方案的发展，您可以看到我们的实力依然强劲。请记住，增值服务解决方案在季度之间可能会有一定波动，但总体而言，业务的基本面依然非常稳健。
Then your second question was around the fact that we closed Q4 exit rates at about 16% on a local currency basis, and you're kind of doing this compared with what the thoughts for 2025 are. A few things to keep in mind.
接下来，您的第二个问题是关于我们以本币计算的第四季度退出增长率约为16%，以及这与2025年的预期之间的对比。这里有几点需要注意。
Number one, there's a few things going on. Number one, you've got basically -- the fact that -- you'll know we talked about pricing coming on, starting off Q2 2024 ramping up in Q3 and Q4. You're going to start to see some level of lapping take place on that. We've had several significant wins in 2024, the likes of Citizens, the likes of Wells Fargo. And these are -- and UniCredit. Now UniCredit will still continue to convert because it's a multiyear conversion. But some of those are going to start to lap as the year kind of progresses, right.
首先，有几件事情需要说明。第一，正如我们之前所讨论的，定价策略将从2024年第二季度开始，并在第三和第四季度逐步加强，您会看到部分项目的效应在后续季度中逐渐体现。我们在2024年取得了几项重大胜利，比如Citizens、富国银行，还有UniCredit。UniCredit由于是多年转换项目，会持续进行转换，但其中一些影响将随着时间的推移逐步“消化”掉。
The other thing is, as I sit back and I just think about basic fundamentals. The point really is, you've got to kind of remember that overall, the consumer remains healthy. We factored that in. The thoughts we shared for 2025 is a range which is high end of low double digits to low teens, right. So again, you got to keep that in mind.
其次，回归基本面，关键在于您必须记住，整体而言消费者依然健康，这一点我们已经考虑在内。我们对2025年的预期是增长率介于低两位数高端至低十几个百分点之间，所以请牢记这一点。
In that, we're building in assumptions around FX volatility. FX volatility picked up in Q4. You saw that come through in the exit rate you're talking about. Hard to predict what FX volatility looks like through the end of the year of 2025. We build in our best assumptions around that. But things could move around on that as well. So again, there are various factors which are actually influencing this. But that's what I'd kind of tell you more holistically as to what's going on here.
此外，我们在预测中也考虑了外汇波动的假设。第四季度外汇波动加剧，您在所提到的退出增长率中已经看到了这一点。很难预测2025年底外汇波动将如何变化，我们基于最佳假设做了预估，但这一方面也可能发生变化。总之，有多种因素在影响这一情况，这就是我对整体情况的说明。
Operator
接线员
Our next question comes from Harshita Rawat from Bernstein. Please go ahead. Your line is open.
我们的下一个问题来自Bernstein的Harshita Rawat。请开始提问，您的线路已打开。
Harshita Rawat
Harshita Rawat
Good morning. I want to ask about stable coins. It's likely that we get some regulatory clarity in the U.S. this year. I know a vast majority of stable coins usage is in crypto-native use cases and trading. But are you seeing anything in the cross-border money movement fund? And more importantly, and Michael, I know you talked about kind of like the new settlement capabilities, and you've done a lot of work on crypto over the years. How are you positioned for the growth in the crypto ecosystem? Thank you.
早上好。我想问一下关于稳定币的问题。今年我们很可能在美国获得一些监管明确性。我知道绝大多数稳定币的使用主要集中在加密原生应用和交易上。但在跨境资金流动方面，您是否看到什么进展？更重要的是，迈克尔，我知道您谈到了新结算能力，并且多年来在加密领域做了大量工作。请问您如何定位自己以应对加密生态系统的增长？谢谢。
Michael Miebach
迈克尔·米巴赫
Right. Thank you, Harshita. So overall, as I said in my prepared remarks, this is a space that we've been active in over a while. Your question doesn't really talk about the crypto space as crypto as an investment on-ramp. Off-ramp we've been doing it successfully. Crypto.com, is clearly an exciting addition to the set of partnerships.
好的，谢谢你，Harshita。总体来说，正如我在准备发言中所说，我们在这个领域已经活跃了一段时间。您的问题并非关于将加密作为投资入口和出口的那部分——我们在这方面做得很成功。Crypto.com显然是我们众多合作伙伴中令人兴奋的新增者。
You were really talking more about the potential of the underlying technology and what can it do? And the cross-border use cases has been talking about for years now. Now we've started to move beyond the proof-of-concept stage. There are real transactions that took place, the first one in Hong Kong, last year. So we're in the business of stable coin transactions. We're in the business of having the MTN live. It hasn't scaled yet. That's also the reality. But we have a long belief that this is an interesting space for us, B2B cross-border payments to get into. So I see as a net addition and upside opportunity for us.
您真正想问的是关于其底层技术的潜力以及它能做什么，而跨境用例这一话题多年来一直在讨论。现在我们已经开始超越概念验证阶段，真正的交易已经发生，去年在香港完成了首笔交易。所以我们已经进入了稳定币交易领域，我们正致力于让多令牌网络（MTN）上线，尽管它还没有大规模推广。这就是现实。但我们坚信这是一个有趣的领域，适合我们进入B2B跨境支付市场。因此，我认为这对我们来说是一个净增的上行机会。
There's enough push now. The crypto has gone mainstream with the ETFs. And there's clearly a push from the incoming administration here in the U.S. So we'll see more momentum, and I feel we're well prepared and our strong partnerships with players like JPMorgan and other large settlement players -- settlement bank players will help us on that front.
现在推动力度足够了，加密已经随着ETF走向主流，而且显然来自美国新政府的推动也在加强。所以我们会看到更多的动力，我认为我们已做好充分准备，与摩根大通及其他大型结算银行等合作伙伴的牢固合作关系将帮助我们在这一领域取得进展。
Now this isn't the only cross-border solution that's out there. There is real-time payments, where there's initiatives to potentially connect those systems. It's important to keep in mind that we're in 12 of large RTP markets where we have a presence. So that's an interesting space for us to also watch.
当然，这并不是市场上唯一的跨境解决方案。还有实时支付领域，相关举措旨在连接这些系统。请记住，我们在12个主要实时支付市场中都有布局，这也是我们需要关注的一个有趣领域。
In the end, it fundamentally comes down to choice. Where do countries want to take this?
归根结底，这一切最终取决于选择，取决于各国希望如何发展这一领域。
Countries have looked at this as in potentially connecting in bilateral fashions. We've always been an advocate to saying multilateral approaches work better. That's what we've proven on the card side.
各国可能会考虑采用双边方式进行连接，而我们始终主张多边合作方式更为有效，这在我们的卡业务中已经得到了验证。
So that's a topic that we engage on when it comes to RTP side of things, but also from the stable coin side, again, interoperability between different kind of stable coins also matters, which is kind of the same concept. So exciting space. Leaning in for now, we're powering on with cross-border payments on the card side, which worked really well.
所以无论是在实时支付方面，还是在稳定币领域，不同类型稳定币之间的互操作性都非常重要，这实际上是相同的概念。这是一个令人兴奋的领域。就目前而言，我们正依托卡支付业务在跨境支付领域不断推进，而这一领域表现非常出色.
Operator
接线员
Our next question comes from Rayna Kumar from Oppenheimer. Please go ahead. Your line is open.
我们的下一个问题来自Oppenheimer的Rayna Kumar。请开始提问，您的线路已打开。
Rayna Kumar
Rayna Kumar
Good morning, Michael and Sachin. Thanks for taking my questions. Could you give us an update on your progress in gaining market share in Europe and whether there are any particular countries that you're seeing stronger performance from?
早上好，Michael和Sachin。感谢你们回答我的问题。能否向我们更新一下你们在欧洲市场份额增长方面的进展情况，以及是否有某些国家的表现特别强劲？
Michael Miebach
Michael Miebach
Right. So Europe's has been a real success story for Mastercard. If I look back over the last 5, 6 years, we've seen tremendous growth on the continent. Seen tremendous growth in the U.K. In the U.K., we're market share leaders. Credit, prepaid and in debit, it's about a third of the cards, the debit cards that are now Mastercard, large conversions. I just talked earlier about extending our partnership with Santander in the U.K. So that's a growth story.
好的。欧洲对万事达卡来说真的是一个成功的故事。如果我回顾过去五、六年，我们在欧洲大陆见证了巨大的增长。在英国，我们也取得了显著的增长。在英国，我们是市场份额的领导者。无论是信用卡、预付卡还是借记卡，现在大约有三分之一的借记卡是万事达卡，且有大规模的转换。我刚才提到了与英国Santander的合作伙伴关系扩展，这就是一个增长故事。
On the continent, I'm particularly excited about the strategic partnership with UniCredit. That's 13 markets across the continent. So there are not that many pan-European players. In fact, that is probably the most pan-European player there is. That's a fantastic partnership strategic in nature. But other breakthroughs. Deeper in Italy, Banco Popular there, that's a large win. So big momentum. I think that's the first thing to say.
在欧洲大陆，我特别对与UniCredit的战略合作感到兴奋。这覆盖了欧洲大陆13个市场。实际上，能够覆盖整个欧洲的参与者并不多，UniCredit可能是最具泛欧洲特性的机构。这是一个非常出色的战略性合作伙伴关系。此外，还有其他突破性的进展。在意大利更深层次的市场，如Banco Popular，那是一个重大的胜利。所以，我们取得了巨大的势头。这是我首先要提到的。
The second thing to say is, in these markets, it's not just about shifting share. It's also really taking advantage of the secular opportunity that still exists in Europe. If you take some of the large developed economies – G7 economies like Italy – there's still significant amounts of cash to go after, and we're doing that very actively. And we're doing that very actively also deploying our services in that space. Italy has historically been one of the most significant services opportunities for us.
其次要说明的是，在这些市场中，不仅仅是市场份额的转移，同时也在充分利用欧洲依然存在的长期结构性机遇。如果你看一些成熟的大型经济体——比如像意大利这样的七国集团经济体——依然存在大量现金需求，我们正非常积极地抓住这一机会。同时，我们也在积极部署该领域的服务。历史上，意大利一直是我们最重要的服务机会之一。
So with all the talk that's there about Europe, concerns about Europe, Europe's competitiveness and [indiscernible] is a big theme. Really important to remember that our business in Europe is in the European economy. Overall, we're well positioned and growing parts of that economy. And this is tremendous for us. Now we've seen volumes grow in Europe at a 16% level. That's a tremendous growth rate for us.
对于有关欧洲的话题、对欧洲的担忧以及欧洲竞争力的问题，[听不清]是一个大主题。非常重要的一点是，我们在欧洲的业务处于欧洲经济体系内。总体而言，我们在欧洲经济的多个部分都处于有利地位并实现了增长。对我们来说，这意义重大。我们目前看到欧洲交易量的增长率达到了16%，这是一个非常可观的增长率。
So overall, I think we're pressing every button that is there to press for us to push ahead on that growth story.
总体来说，我认为我们正在全力以赴，利用一切手段推动这一增长故事向前发展。
Operator
接线员
Our next question comes from Tien-tsin Huang from JPMorgan. Please go ahead. Your line is open.
我们的下一个问题来自摩根大通的黄天信。请开始提问，您的线路已打开。
Tien-tsin Huang
黄天信
I want to stay in Europe if you don't mind, and ask about Mastercard 2030. I think the whole One Click payments initiative to get rid of manual card entry in Europe. To me, it feels like eliminating signature, which ushered in growth in contactless. Is that a fair analogy to think about Mastercard 2030 potentially pushing tokenization? I'm curious why Europe, why not more regions and what makes Europe special for you to set this goal up from Mastercard? Thanks.
如果可以，我想继续讨论欧洲市场，并询问有关Mastercard 2030的情况。我认为“一键支付”倡议旨在消除在欧洲手动输入卡号的步骤。对我来说，这就像取消签名一样，这一举措曾推动了非接触式支付的增长。把Mastercard 2030视为可能推动令牌化的举措，这个类比是否合理？我很好奇，为什么选择欧洲，而不是更多地区？欧洲对你们来说有什么特别之处，使你们从Mastercard设定了这一目标？谢谢。
Michael Miebach
迈克尔·米巴赫
So tokenization in Europe, when I think of the evolution of the European payment markets from PSD1 to PSD2 to PSD3, the topic of security, the topic of consumer experience, the topic of a fair and level playing field have been seen throughout all of these regulations. This is a market, in our view, that's ripe for the doing away with onetime passwords and keying in card numbers, I think all -- everything that is needed to make that successful, is there in Europe. And we want to prove it.
关于欧洲的令牌化，当我回顾欧洲支付市场从PSD1到PSD2再到PSD3的发展历程时，安全、消费者体验以及公平竞争的议题在所有这些法规中都有体现。在我们看来，欧洲市场已经具备了淘汰一次性密码和手动输入卡号的一切条件，我认为成功所需的一切都已具备，而我们正希望证明这一点。
It's been a strategy of ours to have reference markets and show that an initiative works and we go where there is open arms and where we feel this is going to be successful. In Europe, we now have very relevant share position that makes us a strategic partner across markets because if you do this just in one country in Europe, then you know it's going to be problematic. So we have the regulation. We have partnerships across the board, so that's good.
我们的策略一直是选择具有代表性的市场，展示一个举措如何有效运行，并选择那些敞开怀抱、我们认为会成功的市场。现在在欧洲，我们拥有非常重要的市场份额，这使我们成为跨市场的战略合作伙伴，因为如果只在欧洲的某个国家推行，这将会带来问题。所以，我们有相应的监管环境，也建立了广泛的合作伙伴关系，这非常好。
Now tokens are at the core of that. And as I said earlier, and biometrics, we have that technology deployed widely in Europe. And then we'll see where we take it from that. The wider use of tokens, the wider use of tokens is -- this sets us up for exactly that, and we'll be looking at other use cases and see what that can do for our company overall. But it's a tremendous opportunity. And of course, this is not about just Europe.
而令牌化正是这一切的核心。如我之前所说，加上生物识别技术，我们已经在欧洲广泛部署了这些技术。接下来我们将观察如何进一步推广。令牌的更广泛应用为我们铺平了道路，我们也会探索其他应用场景，看看这能为整个公司带来什么效果。但这是一个巨大的机会，而且当然，这不仅仅关乎欧洲。
You asked the question about Europe. This is a global goal. This is what we can go after. As I said earlier, it's a safer ecosystem that makes sense for everybody. In the world where there's government interest and payments and so forth. If we're seen as a responsible part need it drives overall payment ecosystem safety, that's a fantastic position for us as well, and I'm sure that received well globally. We'll go region by region whenever we feel is the right time.
您提到的问题关于欧洲，但这实际上是一个全球性的目标，这正是我们所追求的。正如我之前所说，这是一个对所有人都有意义的更安全的生态系统。在各国政府、支付等领域均显示出浓厚兴趣的世界里，如果我们被视为推动整体支付生态安全的负责任一方，这对我们来说也是一个绝佳的位置，我相信这在全球范围内都会受到欢迎。我们会在适当的时候逐个地区推进。
Operator
接线员
Your next question comes from Ramsey El-Assal from Barclays. Please go ahead. Your line is open.
我们的下一个问题来自Barclays的Ramsey El-Assal。请开始提问，您的线路已打开。
Ramsey El-Assal
Ramsey El-Assal
Hi, thank you for taking my question. Michael, I wanted to get your view on potential impacts of the sort of new political environment. I'm just curious if you're expecting any, or are you seeing any tailwinds or headwinds from policy changes? And more specifically, if we do end up seeing kind of widespread tariff applied, which we may or may not, how would that impact your business?
您好，谢谢您回答我的问题。迈克尔，我想了解一下您对新政治环境可能产生的影响的看法。我很好奇您是否预期会有政策变化带来顺风或逆风？更具体地说，如果最终出现大范围关税（可能会，也可能不会），这将如何影响你们的业务？
Michael Miebach
迈克尔·米巴赫
Ramsey, this is -- it's a question that I think is top of mind in many industries. So here's how I would go about that.
Ramsey，这是一个我认为许多行业都非常关注的问题。下面我来说明一下我的看法。
The new political environment, first of all, we've seen ways of political changes around the world. I think at the earlier part of last year, we were looking into 2024 more than half of the population of the world was going to go to the polls.
首先，关于新的政治环境，我们看到全球范围内出现了各种政治变革。我认为在去年初，我们就预计2024年全球超过一半的人口将走向投票站。
From India to Europe and now in November in the United States. So there is a lot of changes, a lot of volatility. There is some political uncertainty.
从印度到欧洲，再到今年11月的美国，这里经历了很多变动，市场波动性很大，也存在一些政治不确定性。
But when we sit in our boardroom and we sit in our management team, and we talk about this, is payments will continue regardless because the economic -- we power the economy and we power, in particular, the digital economy.
但当我们在董事会和管理团队中讨论这些问题时，我们认为支付业务无论如何都会继续，因为我们支撑着经济，尤其是数字经济。
And there is a fundamental underlying secular trend, as we discussed at our Investor Day that just keeps going on. So that's the fundamental starting point in response to your question.
而且正如我们在投资者日上讨论的那样，有一个根本的、长期的趋势在持续推动着这一切。这就是我们对您问题的基本回答。
Now we have a new administration here in the United States. Confirmations haven't fully been done yet, but the Secretary of Treasury is confirmed and so forth.
目前，美国迎来了新政府。虽然一些确认工作还未全部完成，但财政部长等关键职位已经确认。
So some of the key partners that we would normally engage with. And we have an administration coming in that is touting a business-friendly approach, and that's fundamentally good for us.
因此，我们通常合作的一些关键伙伴也会受到影响。新政府宣扬的是对商业友好的政策，这从根本上对我们有利。
The conversation around tariffs and the intended -- intended use of tariffs that's been discussed. We have to see how it plays out and what will happen.
关于关税以及讨论中预期的关税使用情况，我们还需要观察其如何演变以及最终会发生什么。
It's also clear, we're not in the import export industry. So the way that we would be affected is really indirect ways and how potentially some of our customers and partners get affected by that.
同时，很明显，我们并非从事进出口业务。因此，关税对我们的影响主要是间接的，即可能会影响到我们的一些客户和合作伙伴。
So that's something that we'll come to when we get.
这方面的问题，我们会在后续关注。
I think the point that I just made before, fundamentally underlying drive of a digitizing world. Questions like digital trade are going to be important questions.
我刚才提到的关键点是：推动数字化世界的根本驱动力。诸如数字贸易之类的问题将变得非常重要。
So how is the world dealing with digital trade and how digital trade policy will play out over the years, and we have been actively engaging here in the U.S., in Europe, in ASEAN and so forth.
那么，全世界如何应对数字贸易，以及数字贸易政策将如何演变，我们一直在美国、欧洲、东盟等地区积极参与讨论。
So an important topic for us to continue to watch in advance because that's good for all the economies around the world.
因此，这是一个我们必须持续关注的重要议题，因为这对全球各国经济都有好处。
So fundamentally, positive business outlook here from the U.S. administration.
从根本上说，美国新政府给我们的业务前景带来了积极的展望。
And we see a Europe that is now in active conversations with the second term of Ursula von der Leyen [ph] to drive a more growth-oriented approach in Europe as well, which with our position in Europe should be a good thing.
同时，我们看到欧洲正在与欧尔苏拉·冯德莱恩（Ursula von der Leyen）第二任期积极对话，推动更注重增长的政策，而这对我们在欧洲的地位来说是件好事。
Operator
接线员
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。请开始提问，您的线路已打开。
David Koning
戴维·科宁
Yes, hey guys. Thanks, good job. I guess my question, you mentioned FX volatility briefly. It got better kind of through Q4 and quite a bit better in January. I just want to refresh on that, that helps the transaction line, right in and it should help the transaction yield going forward? Should that be a nice accelerant factor to the transaction yield over the next quarter or two if it stays kind of where it is now?
是的，大家好，谢谢，干得不错。我想问的是，你们刚才提到了外汇波动性，第四季度情况有所好转，而一月份的情况则更好。我只是想再确认一下，这是否有助于交易处理这一部分，并且是否能推动未来交易收益的增长？如果外汇波动性保持现状，这是否会成为接下来一两个季度内推动交易收益的一个良好加速因素？
Sachin Mehra
萨钦·梅赫拉
David. So yes, it's in our transaction processing assessments line. That's where it is. So you got that right. And again, volatility will be what volatility will be. But to the extent there's higher volatility, you get the impact come through in that line item, which impacts yields positively to the extent it kind of goes in the opposite direction, it has a negative impact on yield. But that's the line item where you'll see that.
戴维，是的，这部分体现在我们的交易处理评估费用中，就在那里。所以你说得对。同样，波动性就是波动性，但如果波动性较高，这一项就会受到相应影响，从而对收益产生正面效应；反之，如果波动性降低，则对收益产生负面影响。不过，这些影响都会在这一项中体现出来。
Operator
主持人
Our next question comes from Bryan Bergin from TD Cowen. Please go ahead. Your line is open
下一个问题来自 TD Cowen 的 Bryan Bergin。请开始提问，您的线路已接通
Bryan Bergin
布莱恩·伯金
Hi, good morning. Thank you. Wanted to ask on rebates and incentives. Just how to think about the level of renewal activity here in 2025. And directionally, just any commentary you can share on how you expect R&I growth to progress versus how you finished in 2024?
大家早上好，谢谢。想请问一下关于返利和激励的问题。请问如何看待2025年的续约活动水平？从整体上，您能否分享一下对比2024年底情况，您预期R&I增长将如何发展的看法？
Sachin Mehra
萨钦·梅赫拉
Sure. So Bryan, again, I think Michael kind of talked about this a little bit earlier. We continue to compete out in the marketplace. We are winning and we're winning the right kinds of portfolios, which is really important. We're not going to win every portfolio. We're going to hopefully -- yes, and we don't want to. And -- but we want to win the right kinds of portfolios, which is what we've been doing, and that's the plan going forward as well.
当然。Bryan，就像Michael稍早前提到的那样，我们在市场上持续竞争。我们正在获胜，而且是赢得合适的投资组合，这非常重要。我们不会赢得每一个投资组合，我们希望（而且也无需赢得所有）赢得正确的投资组合，这正是我们一直在做的，也是我们未来的计划。
From a renewal activity standpoint, nothing unusual to call out in 2025 as there isn't like a lumpiness in terms of renewals in 2025 versus prior years. So it's kind of business as usual. Our teams are out there engaged with our customers, selling on the basis of the value we deliver across payments, but also across value-added services and solutions. And that's been a key enabler help us win on the payment side.
从续约活动的角度来看，2025年并无特别之处，因为与往年相比，续约情况没有出现明显波动。所以，一切照常。我们的团队一直与客户保持互动，基于我们在支付以及增值服务和解决方案方面提供的价值进行销售，这一直是帮助我们在支付领域获胜的关键因素。
So super important for us to continue to do that. I'll tell you from an overall rebates and incentive standpoint. You can see what the metrics are for Q4. For Q1, we expect rebates and incentives as a percentage of payment network assessments to be roughly similar to what we saw in Q4.
因此，继续这样做对我们来说至关重要。从整体返利和激励的角度来看，您可以看到第四季度的相关指标。对于第一季度，我们预计返利和激励占支付网络评估比例将与第四季度大致相同。
I'm not going to give you an outlook as it relates to the full year. I mean that's really subject to what kind of deal flow and deal activity we see. The most important thing to keep in mind is while we're all very focused on the level of rebates and incentives we pay, what we're even more focused on is driving an accretion in our net revenue yield. And that is really important. And that's what we'll continue to do from a strategy standpoint and an execution standpoint.
我不会就全年情况给出展望，因为这实际上取决于我们所看到的交易流和交易活动。最重要的是，虽然我们非常关注所支付的返利和激励水平，但我们更注重的是推动净收入收益率的增长，这非常关键。这也是我们将从战略和执行层面继续努力的方向。
Michael Miebach
迈克尔·米巴赫
It comes back to the virtuous cycle between payments and services. We have to be -- we have to be relevant in payments. We have to be in the flow. So we can apply our payment solutions and our services solutions. That is what's always in focus and our strategic portfolios to win and less strategic portfolio is to win, but importantly across the different spectrum of different types of wins, as I talked about smaller deals earlier. The mix of all of that is always on the outcome of an attractive net revenue yield. That is the target in mind where we press all of them.
这归结于支付与服务之间的良性循环。我们必须在支付领域保持相关性，始终融入市场，这样才能应用我们的支付解决方案和服务解决方案。这一直是我们的关注重点，无论是战略性还是非战略性投资组合，关键在于在不同类型的胜利中取得平衡，正如我之前提到的小型交易。所有这些的组合最终都指向一个目标——实现具有吸引力的净收入收益率，这正是我们所追求的目标。
Operator
主持人
Our next question comes from Tim Chiodo from UBS. Please go ahead. Your line is open.
我们的下一个问题来自 UBS 的 Tim Chiodo。请继续提问，您的线路已接通。
Timothy Chiodo
蒂莫西·奇奥多
Great. Thank you for taking the question. Just given the stronger dollar, there's been a lot of incoming questions around the hedging strategy, I just thought maybe be a good opportunity to recap some of the mechanics. I understand you've talked about doing it on a net basis, a basket of roughly 30 currencies, but not hedging some of the functional currencies.
太好了，谢谢您回答问题。鉴于美元走强，关于对冲策略的问题不断涌入，我认为这是一个回顾一些操作机制的好机会。我了解到您提到过以净额方式进行对冲，涵盖大约30种货币，但不对一些功能性货币进行对冲。
Maybe you could just recap the approach and some of the mechanics and how this all flows through to the income statement?
也许您可以简单回顾一下这种方法及其机制，以及这一切如何反映到损益表中？
Sachin Mehra
萨钦·梅赫拉
Sure, no problem. So let me first define where the exposure arises from and then what the hedging strategy is. So you got to think about the exposure to foreign exchange rates coming across three primary areas. One is what we call transaction exposures, which is when the transaction currency is different than the functional currency of the business unit in question.
当然，没问题。让我首先说明风险敞口的来源，然后再介绍我们的对冲策略。您需要考虑的是外汇风险主要来自三个方面。第一种是我们所称的交易性风险敞口，即当交易货币与相关业务部门的功能货币不同时。
The next is what we have in the nature of monetary assets and liabilities where the currency of those monetary assets and liabilities is different than the functional currency of the business unit in question. And the third is what we call translation exposure, which is the conversion of our overseas earnings into U.S. dollars.
第二种来源是货币资产和负债的风险敞口，其中这些资产和负债所使用的货币与相关业务部门的功能货币不同。第三种是我们所称的换算风险敞口，即将我们的海外收益转换为美元。
So for example, we are euro functional for the European entities. Those euro earnings are ultimately translated back to U.S. dollars when we do our as-reported numbers. So there are three levels over which we get this exposures.
例如，我们的欧洲实体以欧元作为功能货币。在编制报告数字时，这些欧元收益最终会转换回美元。所以，我们面临的风险敞口主要有三个层次。
We hedge layer number one, which is transaction exposures. We hedge them. We have a philosophy around that. We have hedge ratios, which vary by currency. They're generally in that range of, call it, somewhere in that 50% to 80% range in terms of what we hedge on a net basis, net of expenses. So again, that's kind of the thinking there. There are some currencies which are not necessarily hedgeable just because the market is not liquid enough and we don't hedge those. We also don't hedge right down to the smallest currency exposure, which is there. So we exercised materiality thresholds on that.
我们首先对第一层——即交易风险敞口——进行对冲。我们确实对其进行对冲，并且有一套相关理念。我们根据不同货币设定对冲比率，通常在扣除费用后，净对冲比例大致在50%到80%之间。这就是我们的基本思路。当然，有些货币由于市场流动性不足，并不适合对冲，我们就不会对其进行对冲。同时，我们也不会对每一个微小的货币风险进行对冲，而是设定了重要性阈值。
On the monetary assets and liabilities, similar to transaction exposures, we hedge those as well, right. And again, it's based on what the forecasts are. On the translation exposures, we do not hedge them. And the reason you don't hedge them is we view our hedging strategy as being one of focused on driving the right economic outcome for the company. So what we try and do is we hedge cash flow exposures where we expect cash movements to take place.
对于货币资产和负债，我们也会像对待交易性风险敞口一样对冲，同样依据预测情况进行。而对于换算风险敞口，我们则不进行对冲。原因在于我们认为对冲策略应专注于为公司带来正确的经济效益，因此我们主要对预期会有现金流动的风险敞口进行对冲。
In the instance of translation, there is no real cash movement taking place from a euro functional entity to a U.S. dollar functional entity. The cash movement takes place when dividends are made and then we'll hedge the dividend payment at that point in time. So that's kind of the philosophy as to how we go about hedging.
以换算风险敞口为例，从欧元功能实体到美元功能实体并不会实际发生现金流动。现金流动只会在支付股息时出现，届时我们会对股息支付进行对冲。这就是我们进行对冲的基本理念。
这个想法不错。
Also remember, on translation exposures, which are not hedged, which is what I just spoke about right now, things move around, right? I mean we all know that there's dollar strength in the last couple of months and then the zero strength or there is BRL strength, Brazilian Real strength. So these things tend to revert to the mean. We run the business for the fundamentals of the business in terms of driving underlying value. Currencies will do what currencies do. We hedge them on an economic basis, much like I just explained.
另外，请记住，对于换算风险敞口，由于我们不对其进行对冲（正如我刚才所述），市场总是不断波动。比如，我们都知道过去几个月美元走强，随后可能出现美元走弱或巴西雷亚尔走强的情况。这些波动往往会回归均值。我们经营业务的重点在于推动基本面价值的提升，而货币则会遵循其自身规律运作。我们按照经济效益原则进行对冲，正如我刚才解释的那样。
Michael Miebach
迈克尔·米巴赫
And the one thing I would like to add to that is we love the fact that we have a geographically diversified business. So this comes with it. This is a fundamental differentiator for us. And many of these markets around the world are fast-growing markets where that is where we find the biggest secular opportunity. So the FX is the last thing that I think about. I think about the growth opportunity in those markets.
我还想补充的一点是，我们非常珍视公司在地域上的多元化。这也是我们的一个根本性优势。全球许多市场都是快速增长的市场，在这些市场中我们发现了最大的长期机会。因此，外汇问题并不是我们主要关注的，我们更关注这些市场中的增长机会。
Operator
主持人
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 Jefferies 的 Trevor Williams。请开始提问，您的线路已接通。
Trevor Williams
特雷弗·威廉姆斯
Great, thanks very much. I wanted to go back to domestic assessments and the growth there relative to GDV and purchase volume. There's been a pretty consistent spread between those growth rates over the last few years. And then Sachin, you called out cross-border mix as a driver of that spread this quarter. If you could just unpack what that means. And if we should interpret as meaning if cross-border volume is outgrowing GDV that we'll kind of see that mix headwind persist? Thanks.
非常感谢。我想回到国内评估，以及其相对于 GDV 和购买量的增长情况。过去几年中，这些增长率之间一直存在相当一致的差距。而且，Sachin，您刚才提到本季度跨境组合是这种差距的一个驱动因素。能否详细说明一下这是什么意思？我们是否应理解为，如果跨境交易量增长超过 GDV，那么这种组合的不利因素将持续存在？谢谢。
Sachin Mehra
萨钦·梅赫拉
Sure. So the first thing I'll mention in terms of the delta between what we see in domestic assessments and GDV is there's a rounding impact which is taking place there. So while you see the numbers as we've kind of talked about it as 10% and 12%. The reality is the 10% is rounded down number, the 12% is a rounded up number. So the delta isn't as big as it kind of seems out there. But kind of that's by the way, just FYI.
当然。首先我要提到的是，我们在国内评估和 GDV 之间观察到的差异部分来源于数值取整的影响。虽然我们讨论时提到的数字分别为 10% 和 12%，但实际上 10% 是经过向下取整的数字，而 12% 是向上取整的。因此，这个差距并不像表面上看起来那样大，这里仅供参考。
On your question around the cross-border mix component, here's the reality. By its very definition, domestic assessments does not include cross-border revenue. GDV includes cross-border volumes. And so what happens effectively is if GDV -- if cross-border volumes are growing at 20%, which is what we kind of reported for the fourth quarter, you've got the impact of that coming through in the GDV number. You have no associated revenue coming through in domestic assessments. And that's what I mean by cross-border.
关于您提到的跨境组合部分，事实是：根据定义，国内评估并不包含跨境收入，而 GDV 则包括跨境交易量。因此，实际上如果跨境交易量以 20% 的速度增长（这正是我们第四季度报告的数据），这种影响会反映在 GDV 数字上，而国内评估中则不会出现相应的收入。这就是我所说的跨境效应。
Operator
主持人
Our next question comes from Will Nance from Goldman Sachs. Please go ahead. Your line is open.
我们的下一个问题来自高盛的威廉·南斯。请开始提问，您的线路已接通。
William Nance
威廉·南斯
Hey, I appreciate you taking the questions. Michael, I wanted to ask you about your thoughts on the European market following up on the kind of mid-teens growth you've been putting up in that geography more recently. Just wanted to get your thoughts on the competitive dynamics with some of the local schemes being folded up into the European payments initiative, I think, including in your home market of Germany.
嗨，非常感谢您接受提问。迈克尔，我想请问一下您对欧洲市场的看法，特别是关于您最近在该地区实现的中两位数增长。想了解一下您对于一些本地方案被整合进欧洲支付计划（包括您本国德国市场）的竞争格局的看法。
Just any thoughts about how this kind of changes the landscape and just remind us kind of exceptionally how you think about the competitive dynamics in the continent? Thanks.
请问您对此有何看法，这种情况会如何改变市场格局？同时，也请您详细说明一下您对整个欧洲大陆竞争动态的看法。谢谢。
Michael Miebach
迈克尔·米巴赫
Right. So that's a great question. And I always love to talk about my home country. The -- I want to put a stat into your mind. Earlier on, we talked about how we're driving payments growth by shifting volumes from domestic networks and closed-loop networks. Over the years, we have driven up our switching ratio to 70%. So that's important as a backdrop into this question. So we have success and we know how to deal with domestic competitors and partners.
好的，这是个很好的问题。我一直喜欢谈论我的祖国。我想给您一个数据印象。此前，我们讨论过通过将交易量从国内网络和封闭式网络转移来推动支付增长。多年来，我们已经将我们的切换比率提升到了70%，这为回答这个问题提供了重要背景。我们取得了成功，并且知道如何应对国内竞争者和合作伙伴。
Now on that backdrop, particularly in Europe, there has been, over the years, push to come up with local payment solutions as an alternative offer to consumers. And there's a whole range of reasons why that is contemplated in Europe, partly sovereignty, partly more control, all of that. The fundamental truth though is that in the end, the consumer is a really deciding factor here. What's a good user experience? How about availability?
在此背景下，特别是在欧洲，多年来一直在推动开发本地支付解决方案，作为向消费者提供的替代方案。欧洲之所以考虑这一点有多种原因，部分是出于主权考虑，部分是为了获得更多控制权等等。但基本事实是，最终决定因素是消费者。什么才是良好的用户体验？支付的可用性如何？
If you put a new app into a payment market, it has tons of choices already, it's going to be very hard to convince merchants and consumers to change. We've seen it in the U.S. with a bank-led app as well. So all in, we feel this is good for competition. It motivates us to continue to compete and invest in our proposition across channels. We talked about the token topic earlier on and how that makes checkout easier and so forth.
如果您在支付市场推出一个新应用，市场上已有众多选择，要说服商户和消费者改变现有习惯将非常困难。我们在美国也见过由银行主导的应用程序遇到类似情况。因此，总的来说，我们认为这有利于竞争，激励我们继续在各渠道间竞争并投资于我们的方案。我们之前还讨论过代币话题，以及它如何使结账更便捷等方面。
So right now, we are looking at particularly at Vero [ph]. So Vero is currently an initiative of 3 countries. This was multi-country in previous years, and now it's down to 3. And the first transaction took in December, so there's proof-of-concept, pilot stage, and we'll see where it goes. At this point in time, we don't see it as a material concern or threat to our business.
目前，我们特别关注 Vero [音]。Vero 目前是一个涵盖三个国家的倡议，此前曾是多国计划，现在已缩减至三个国家。首笔交易于十二月完成，处于概念验证和试点阶段，后续发展还有待观察。目前，我们并不认为这对我们的业务构成实质性担忧或威胁。
But our approach has always been one of partnership. We partnered with domestic schemes in many countries around the world, maybe on the services side, and we'll see how that goes over time. The more choice there is because it will generally bode for a level playing field on the competition side is which we like, and then we'd love to compete with our solutions.
但我们的策略一直是建立合作伙伴关系。我们与全球多个国家的国内方案建立了合作关系，可能在服务方面进行合作，未来我们会观察其发展。我们认为选择越多通常意味着竞争环境更公平，这正是我们所看重的，同时我们也乐于用我们的解决方案参与竞争。
Devin Corr
德文·柯尔
Julianne we can squeeze one more question in.
Julianne，我们还能再挤进一个问题。
Operator
主持人
Our last question will come from Sanjay Sakhrani from KBW. Please go ahead. Your line is open.
我们的最后一个问题来自 KBW 的 Sanjay Sakhrani。请开始提问，您的线路已接通。
Sanjay Sakhrani
桑杰·萨克拉尼
Thank you, good morning. I just wanted to go back to the volume acceleration, Sachin. I mean I know you mentioned a bunch of different things, but as we look underneath it all, is it that the consumer is really gaining strength in that sort of what's driving the acceleration? Is it shared -- part of its share gains?
谢谢，早上好，Sachin。我想回到交易量加速增长这个话题。我知道您提到了很多不同的因素，但从根本上来看，是否消费者实际上变得更强劲，这才推动了这种加速？这是否也部分与市场份额增长有关？
I'm just trying to think about the acceleration in the fourth quarter, the sustained one in -- actually a further acceleration in the United States year-to-date. Maybe you could just talk a little bit about that? Thank you.
我只是在考虑第四季度的加速增长，以及从年初至今美国市场进一步加速的情况。能否请您稍微谈一下这方面的原因？谢谢。
Sachin Mehra
萨钦·梅赫拉
Sure, Sanjay. So I'll speak to the fact that the metrics you're talking about for the fourth quarter compared to the third quarter is the acceleration you're kind of alluding to. I think at the highest level, we should all kind of take comfort in the fact that the consumer continues to be very healthy, and we're seeing strong consumer spending and good commercial spending as well. So those are important.
当然，Sanjay。您所说的第四季度与第三季度相比的数据正是这次加速增长的体现。我认为总体上来看，我们都可以放心的是，消费者依然保持非常健康的状态，我们也看到了强劲的消费者支出以及良好的企业支出。这些因素都非常重要。
As it relates to whether it's driven by share or not driven by share, frankly, quarter-over-quarter, there is very minimal impact, which is there from a share standpoint because the wins which we've talked about have been helping our volume growth in the third quarter as they have in the fourth quarter. So it's really the underlying trends of the consumer and the merchant spend, which is helping us.
至于这是否由市场份额推动，坦白说，从季度对比来看，市场份额因素的影响非常有限，因为我们之前提到的那些成功合作在第三季度推动了我们的交易量增长，在第四季度也同样在推动。所以真正的动力在于消费者和商户支出的基本趋势。
There's a little bit of lift, which is coming from crypto, which we kind of talked about, right, which is there. And there's a little bit in the nature of the travel spend pull forward kind of which I spoke about in my prepared remarks. But other than that, I got to tell you, I mean, look, I mean, when you do the right things in the market, you win the right portfolios and those portfolios grow at a good pace and there's a healthy consumer, you tend to see the kind of metrics you see, which is what we're kind of showing you.
我们也有提到过加密货币带来了一些助力。另外，正如我在事先准备的讲话中提到的，提前的旅行支出也带来了一些影响。但除此之外，我想说的是，当我们在市场上做了正确的事情，并赢得了合适的投资组合，这些组合又以良好的速度增长，加上消费者依旧健康，那么我们就会看到现在这样的数据表现。
Devin Corr
德文·柯尔
Thank you, Sachin. Michael, any closing remarks?
谢谢你，Sachin。迈克尔，还有什么总结发言吗？
Michael Miebach
迈克尔·米巴赫
Well, I'm happy we got Sanjay in even though we're over time, so excellent. Good conversation. Thank you very much for your support as always. This is -- there was a lot going on this quarter. So it was good to overrun a little bit. I still want to do what I always do is thank the 34,000 colleagues at Mastercard for being out there with our customers every day and pushing in this business forward, and thank you to all of you for your support. We'll speak to you next quarter. Thank you very much.
好的，我很高兴我们挤出了时间让 Sanjay 提问，尽管我们的时间已经超了，但这是一次很好的交流。非常感谢你们一如既往的支持。本季度发生了很多事情，因此我们稍微延长了一点时间。我仍然想像往常一样，感谢万事达卡的 34,000 名同事，他们每天都在与我们的客户并肩工作，推动业务向前发展，也感谢各位的支持。我们下季度再见，非常感谢。
Sachin Mehra
萨钦·梅赫拉
Thanks, everyone.
谢谢大家。
Operator
主持人
This concludes today's conference call. You may now disconnect.
今天的电话会议到此结束。您现在可以挂机了。
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