2025-05-01 Mastercard Incorporated (MA) Q1 2025 Earnings Call Transcript
Mastercard Incorporated (NYSE:MA) Q1 2025 Earnings Conference Call May 1, 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
Harshita Rawat - Bernstein
Andrew Jeffrey - Truist Securities
Tien Huang - JPMorgan
Sanjay Sakhrani - KBW
Adam Frisch - Evercore ISI
Trevor Williams - Jefferies
Darrin Peller - Wolfe Research
Timothy Chiodo - UBS
Bryan Keane - Deutsche Bank
Paul Golding - Macquarie
Operator
Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q1 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you, Mr. Devin Corr, Head of Investor Relations. You may begin your conference.
早上好。我叫Audra，将担任今天的电话会议主持人。现在，我欢迎大家参加万事达卡公司2025年第一季度财报电话会议。为避免背景噪音，所有电话线路已被静音。在发言人发言结束后，将进行问答环节。[操作提示] 谢谢您，投资者关系主管Devin Corr先生，您可以开始会议了。
Devin Corr
Thank you, Audra. Good morning, everyone, and thank you for joining us for our first quarter 2025 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，Audra。大家早上好，感谢您参加我们2025年第一季度财报电话会议。今天与我一同出席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的发言之后，主持人将宣布您可以进入提问队列的时机，届时我们将开启问答环节。您可以在我们公司网站mastercard.com的投资者关系部分查看本次电话会议相关的财报、补充业绩数据和演示文稿。
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，财报今天早上也已提交至美国证券交易委员会。除非特别说明，今天我们谈论的财务结果将基于非GAAP的货币中性数据。我们的财报和演示文稿中都包含了非GAAP指标与GAAP报告数值之间的调节说明。
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. With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.
最后，如我们财报中更详细阐述的那样，请大家注意，本次电话会议将包含关于万事达卡未来业绩的前瞻性陈述。实际结果可能与这些前瞻性陈述存在重大差异。有关可能影响未来业绩的因素，在我们的财报末尾以及近期提交的SEC文件中已有概述。本次会议的回放将在我们的网站上保留30天。现在，我将把会议转交给我们的首席执行官Michael Miebach。
Michael Miebach
Thank you, Devin. Good morning, everyone. Before I dive into the specifics from the quarter, a few things stand out for me. First, we delivered a fantastic first quarter. Net revenues were up 17% and adjusted net income up 13% versus a year ago. As always, on a non-GAAP currency neutral basis. Second, we are successfully executing against a significant secular opportunity in payments. It's a core part of our growth algorithm and an opportunity in any economic environment. Third, we are at the forefront of digital transformation, delivering a diverse set of solutions that address the evolving needs of our customers. Capabilities that make payments simple, smart and more secure and services that go beyond our rails and beyond payments.
谢谢你，Devin。大家早上好。在我进入本季度具体内容之前，有几点我想特别强调。第一，我们在第一季度取得了非常出色的成绩。净营收同比增长17%，调整后净利润同比增长13%。这些数据均基于非GAAP的货币中性计算。第二，我们正在成功把握支付领域的长期结构性增长机遇。这是我们增长逻辑的核心组成部分，并且适用于各种经济环境。第三，我们处于数字化转型的前沿，提供多元化的解决方案以满足客户不断演变的需求，这些能力让支付更简单、更智能、更安全，同时我们也在提供超越支付网络本身的服务。
Now let's get into the details. We're operating in an uncertain environment. Consumer and business sentiment has weakened primarily due to concerns surrounding the impact from tariffs and geopolitical tensions. On the other hand, so far this year the fundamentals that support consumer spending have been solid and our drivers are generally stable. No matter what, it remains clear that we have intentionally embedded resiliency.
现在进入具体内容。目前我们正处在一个充满不确定性的环境中。由于对关税影响和地缘政治紧张局势的担忧，消费者和企业的信心有所减弱。但另一方面，今年以来支持消费支出的基本面依然稳健，我们的业务驱动因素总体稳定。无论环境如何，我们已明确地在业务中嵌入了韧性机制。
We have a well-diversified business, both from a geographic and product perspective as well as across a wide range of discretionary and non-discretionary span categories. We closely manage our expenses and have levers to pull, if needed. And we remain focused on executing against our short, medium and long-term objectives. There's a substantial opportunity for us to drive sustainable growth across consumer payments, commercial new payment flows and value-added services and solutions. That's what I will focus on today.
我们在地理、产品结构及涵盖广泛的可自由支配和非自由支配消费类别方面，拥有良好的业务多元化布局。我们对支出进行严格管理，并在必要时具备可调节的手段。同时，我们持续专注于执行短期、中期和长期目标。在消费者支付、商用新型支付流和增值服务及解决方案方面，我们拥有推动可持续增长的巨大机会。今天我将重点谈谈这些内容。
Starting with consumer payments, our innovations including contactless capabilities and tokenization have become a foundation for payments in today's digital economy. Today 73% of all in-person switch transactions are contactless and approximately 35% of all our switch transactions are tokenized. These technologies will continue to play an important role as we move forward into the next phase of digital commerce, such as Agentic AI. We announced Mastercard Agent Pay that leverages our agentic tokens as well as franchise rules, fraud and cybersecurity solutions combined. These will help partners like Microsoft, facilitate safe, frictionless and programmable transactions across AI platforms. We will also work with companies like OpenAI to deliver smarter, more secure and more personalized agentic payments. The launch of Agent Pay is an important step in redefining commerce in the AI era.
从消费者支付开始，我们的多项创新——包括非接触式支付和代币化技术——已成为当今数字经济支付的基础。目前，我们73%的线下切换交易为非接触式支付，约35%的切换交易已实现代币化。这些技术将在我们迈入数字商务下一个阶段（如Agentic AI）时继续发挥关键作用。我们发布了“Mastercard Agent Pay”，这一方案结合了我们的Agentic代币、品牌规则、欺诈防护和网络安全解决方案，帮助像微软这样的合作伙伴在AI平台上实现安全、无摩擦、可编程的交易。我们也将与OpenAI等公司合作，提供更智能、更安全、更个性化的Agentic支付体验。Agent Pay的推出是重新定义AI时代商业模式的重要一步。
We are thrilled with these collaborations as we work together to scale and build trust in agentic commerce. We also continue to advance crypto payments with an end-to-end approach. We're collaborating with cryptocurrency platforms to allow consumers to spend their cryptocurrencies, including stablecoins, at more than 150 million Mastercard acceptance locations worldwide. Kraken, OKX and Bleap are among our newest card issuance partners helping to connect the crypto economy to everyday spending. And behind the scenes we have enabled stablecoin settlement on the Mastercard network itself. We're working with FinTech acquire Newway to enable the option to settle payments in stablecoins for their merchants.
我们对这些合作感到非常振奋，我们正在共同推进agentic商业的发展和信任建设。与此同时，我们也在通过端到端的方法持续推进加密货币支付。我们正与多家加密货币平台合作，使消费者可以在全球超过1.5亿个万事达卡受理点使用加密货币（包括稳定币）进行消费。Kraken、OKX和Bleap是我们最新的发卡合作伙伴，帮助将加密经济连接到日常消费中。在后台，我们已在万事达网络上实现了稳定币结算功能，并正在与金融科技公司Newway合作，为其商户提供稳定币结算的选项。
And we help make these payments secure with Crypto Secure, now actively monitoring risks for hundreds of issuers globally. This is in addition to our work on blockchain technology to unlock faster and more transparent cross-border B2B payments with our multi-token network which we discussed last quarter. Our consumer payment technologies also enable us to further capture the significant secular opportunity and expand into new markets. China, for example. As we approach the one-year anniversary of the first locally switched transaction, we launched domestic on-soil tokenization capabilities. These were developed through our joint venture to make online transactions more safe and secure.
我们通过Crypto Secure确保这些支付的安全性，目前该系统已在全球范围内为数百家发卡机构实时监测风险。此外，我们还在区块链技术方面不断推进，依托多代币网络（我们在上一季度已有介绍），以实现更快速、更透明的跨境B2B支付。我们的消费者支付技术也使我们能够进一步抓住显著的结构性机遇并拓展至新市场。例如中国。在迎来首笔本地切换交易一周年之际，我们推出了本地代币化功能，这是通过合资企业开发的，旨在让线上交易更安全、更可靠。
Additionally, we're working to scale commercial as well as consumer payments. Over the last year we have launched 10 new small business programs. We also continue to win and renew partnerships around the globe to drive growth in consumer payments.
此外，我们还致力于扩大商业和消费者支付的规模。过去一年中，我们推出了10项新的小型企业计划。我们也持续在全球范围内赢得并续签合作关系，以推动消费者支付业务的增长。
CIMB Niaga, Indonesia's second largest private bank, has chosen to transition their international branded consumer card portfolio to Mastercard. We have embarked on this long-term partnership to help enhance customer acquisition and experiences through analytics and technology. We're also expanding our partnership with one of the leading regional financial groups in Latin America, Grupo Promerica, across eight countries. In addition to incremental card issuance, they will utilize our consulting and data analytic capabilities to drive growth. Such strategic partnerships also play an important role unlocking cash and new consumers.
印度尼西亚第二大私营银行CIMB Niaga已决定将其国际品牌消费卡组合转向万事达卡。我们已与其建立长期合作关系，借助数据分析与技术帮助提升客户获取和客户体验。同时，我们也正在与拉丁美洲领先的地区性金融集团Grupo Promerica扩展合作，涵盖八个国家。除了增加发卡量，他们还将利用我们的咨询和数据分析能力来推动业务增长。这类战略合作关系对于释放现金流并触达新消费者也起到了重要作用。
There's tremendous secular opportunity in Africa. One way we unlock it is by partnering with mobile network operators across the continent. For example, we're partnering with MTN Mobile Money in Uganda to give their subscribers the option to pay using card credentials without the need for a physical card or a bank account. And in the UAE, we're partnering with Al Etihad Payments to launch co-batch, debit, and prepaid cards with the domestic scheme Jaywan. This gives us access to a new set of consumers and flows in this large, high-growth market.
非洲市场蕴藏着巨大的结构性机遇。我们的一种切入方式是与非洲各地的移动网络运营商建立合作。例如，在乌干达，我们正与MTN Mobile Money合作，使其用户无需实体卡或银行账户，仅凭卡片凭证即可完成支付。在阿联酋，我们与Al Etihad Payments合作，借助本地支付体系Jaywan推出联合品牌的借记卡和预付卡，这使我们能够进入这个庞大且高增长的新兴市场，触达一批新的消费者和支付流。
Travel remains an important vertical and one where we are seeing continued success. Our acceptance footprint and robust service offerings are key to capturing this category of spend. This quarter, we launched a new debit co-brand card with Wyndham Rewards, and we renewed our credit co-brand partnership with Spirit Airlines with an additional agreement to launch a new debit program with them in the future.
旅游仍然是一个重要的垂直行业，我们在这一领域持续取得成功。我们广泛的受理网络和强大的服务能力是我们赢得这类支出的关键所在。本季度，我们与温德姆奖励计划合作推出了一款新的借记联合品牌卡，并与精神航空续签了信用卡联合品牌合作关系，同时还达成协议将于未来推出一项新的借记卡计划。
Putting it all together, we are partnering in creative ways to win share and capture the secular shift. Our decades-long innovation in payments has placed us at the forefront of today's digital commerce. And now we're positioned to lead tomorrow's advancements, such as Agentic AI in crypto, as I mentioned earlier.
综上所述，我们正在以富有创造性的方式开展合作，赢得市场份额并把握结构性变革机遇。我们在支付领域数十年的持续创新，使我们处于当今数字商务的前沿地位。正如我此前提到的，我们也已做好准备，引领明天的突破性发展，比如在加密领域的Agentic AI应用。
Commercial new payment flows represent another large addressable market opportunity. This quarter, we launched two commercial point-of-sale solutions. Each combine our product capabilities in a modular way to meet the specific needs of varied businesses. Our business builder product combines commercial cards and tools to help entrepreneurial clients launch and scale their ventures. b1Bank will be among the first issuers to offer the program. We developed Mid-Market Accelerator to address the critical needs of the largest and fastest-growing commercial segment, mid-market. It combines our digital payment technology rewards and security solutions with custom-selected features like cash flow and expense management tools. We're working with citizens to bring this to market in the United States with plans to scale globally.
商用新支付流代表着另一个巨大的可服务市场机会。本季度，我们推出了两款商用POS（销售点）解决方案。每一款都以模块化方式整合我们的产品能力，以满足不同企业的特定需求。我们的“Business Builder”产品将商用卡和工具组合在一起，帮助创业客户启动和扩展业务。b1Bank将成为最早提供该方案的发卡行之一。我们还开发了“Mid-Market Accelerator”，专为中型市场——这一最大且增长最快的商业细分领域——的关键需求而设计。该方案融合了我们的数字支付技术、奖励机制和安全解决方案，并提供诸如现金流和费用管理工具等定制功能。我们正与Citizens Bank合作，在美国率先推出，并计划推广至全球。
Beyond commercial point-of-sale solutions, we are working to unlock the substantial invoice payment opportunity by enhancing our capabilities. We entered into a new partnership with Corpay to enhance our current corporate cross-border payment solutions with industry-leading currency risk management and integrated large ticket capabilities. This will give our financial institution partners a simple connection to a comprehensive suite of cross-border payment offerings, regardless of ticket size and geography. At the same time, the partnership expands the distribution reach of Mastercard Move.
除了商用POS解决方案之外，我们还致力于通过增强能力来释放巨大的发票支付市场潜力。我们与Corpay建立了新的合作关系，将其行业领先的汇率风险管理和大额交易处理能力融入我们现有的企业跨境支付解决方案中。这将为我们的金融机构合作伙伴提供一个简单的接入方式，连接到全面的跨境支付产品组合，无论交易金额大小或地理位置如何。同时，此次合作也扩大了Mastercard Move的分销覆盖范围。
And this goes to a broader set of small and mid-sized businesses, including the existing Corpay customers. Finally, we extended our agreement for Corpay to exclusively offer Mastercard virtual card programs to its customers. Furthermore, we're extending our leadership in virtual cards by making them easier for businesses to access and deploy. We launched B2B Rate Manager to equip Mastercard virtual card issuers with a faster and more scalable way to implement and use flexible interchange rates. We're also streamlining the onboarding process for issuers to deliver embedded virtual card technology into partner platforms that end corporates use every day, such as HRS and CVent. To further scale, we continue to embed our virtual card technology into widely used platforms.
这项合作将覆盖更广泛的小型和中型企业客户群，包括现有的Corpay客户。我们还延长了与Corpay的协议，授权其独家向其客户提供万事达虚拟卡方案。此外，我们正在拓展在虚拟卡领域的领先地位，使企业更容易获取和部署虚拟卡。我们推出了“B2B Rate Manager”，为万事达虚拟卡发行方提供更快速、更具可扩展性的灵活交换费率实施方式。我们还在简化发行商的接入流程，以便将嵌入式虚拟卡技术集成到终端企业每天使用的合作平台中，例如HRS和CVent。为进一步扩大规模，我们也在将虚拟卡技术嵌入更多广泛使用的平台中。
ERP software company Odoo, in collaboration with Stripe, will exclusively issue Mastercard corporate cards integrated into Odoo's Expend module, available for their users in more than 20 countries. We're also seeing strong demand for our Mastercard Move capabilities, with transaction growth up more than 35% year-over-year this quarter. This solution has extensive reach and broad applicability to meet the ever-growing needs of customers and businesses. Let's look at some of the most interesting use cases here. In the person-to-person space, we now facilitate domestic transfers by simply tapping your phone, partnering with Samsung, to power their new wallet P2P offering. And we support near real-time person-to-person cross-border remittances, adding partners like MoneyGram, Instapay Technologies, and Curfex this quarter.
企业资源计划软件公司Odoo与Stripe合作，将独家发行集成至其Expend模块的万事达企业卡，适用于其在20多个国家的用户群体。我们还看到Mastercard Move解决方案的强劲需求，本季度交易量同比增长超过35%。该方案具备广泛的覆盖力和应用适配性，能够满足客户和企业日益增长的需求。以下是一些最具代表性的应用场景：在个人转账领域，我们与三星合作，为其新推出的钱包P2P功能提供支持，实现手机轻触即可完成本地转账。同时，我们也支持准实时的跨境个人转账，并在本季度新增了MoneyGram、Instapay Technologies和Curfex等合作伙伴。
Mastercard Move also enables disbursements like gig economy wage payouts to offer more flexibility and speed to businesses and individuals. Checkout.com is using Mastercard Move to help enable disbursement and payment use cases for the gig economy, as well as for insurance and healthcare merchants. And our technology can also speed up purchase return payments within minutes rather than days or weeks, which is clearly something we can all benefit from. Worldpay is now using this with multiple UK merchants to deliver faster refunds. Across commercial point of sale, invoice payments, and Mastercard Move, we are expanding across use cases while making it easier and more attractive to use our solutions.
Mastercard Move还支持灵活用工经济中的工资发放，向企业和个人提供更高的灵活性与速度。Checkout.com正在使用Mastercard Move来支持灵活用工场景中的支付与分发，也服务于保险和医疗商户。同时，我们的技术可以将退款支付从数天或数周缩短至几分钟，显著提升用户体验。Worldpay目前已在英国与多家商户合作，利用此方案实现更快的退款处理。从商用POS、发票支付到Mastercard Move，我们不断扩展应用场景，同时提升方案的易用性和吸引力。
The third pillar of our strategy is services and solutions. We've made targeted investments in diversified solutions and high-growth areas. As we said at the Investor Day last year, approximately 85% of our value-added services and solutions revenues are recurring in nature, providing a stable baseline for growth. And we are well-positioned for future growth as we continue to scale by further penetrating existing customers and targeting new buying centers and new services. We are leveraging one-to-many distribution with global technology partners who can embed our services as part of their value proposition. Galileo will enable ethical alerts for most of their card portfolios and integrate our open banking powered capabilities onto their platform.
我们战略的第三大支柱是服务与解决方案。我们在多元化解决方案和高增长领域进行了有针对性的投资。正如我们去年投资者日上所说，我们约85%的增值服务与解决方案收入具有可重复性，为增长提供了稳定基础。随着我们不断扩大规模，加深现有客户渗透，拓展新的采购中心和服务领域，我们具备良好的未来增长前景。我们正与全球科技合作伙伴开展“一对多”分销合作，将我们的服务嵌入其价值主张中。Galileo将在其大多数卡产品中启用合规提醒，并将我们的开放银行功能集成至其平台。
Global cybersecurity company VikingCloud will distribute our risk scoring and cyber security remediation capabilities to further enable their small business clients to protect against cybercrime. And financial crime prevention company Feedzai is extending their use of Mastercard's consumer fraud risk solution. It's already live in the UK with 14 major banks and this partnership streamlines our ability to scale account-to-account fraud solutions to new markets globally. To further penetrate existing customers we bring differentiated solutions that drive impact throughout their value chain. This can be across consumer onboarding, activation, and usage, all the while making payments safe and secure. Our services help balance a positive frictionless consumer onboarding experience with ensuring consumers are who they say they are.
全球网络安全公司VikingCloud将分销我们的风险评分与网络安全修复能力，进一步帮助其小型企业客户防范网络犯罪。而金融犯罪防控公司Feedzai正在扩大其对万事达消费者欺诈风险解决方案的使用，该方案已在英国的14家主要银行上线。此次合作有助于我们将账户间欺诈解决方案推广至全球更多市场。为了进一步渗透现有客户群，我们提供差异化解决方案，推动其整个价值链的成效提升，涵盖从消费者引导、激活到使用全过程，同时确保支付安全。我们的服务在确保用户身份真实性的同时，也提供了顺畅的客户引导体验。
Tangerine Bank in Canada is using our account opening identity solutions to do just that. And bringing our identity attributes and open banking solutions together we have helped experience enhance their digital checking account offerings with inexperienced smart money. Once those customers are onboarded, our assets can support their ongoing engagement and loyalty resulting in improved customer satisfaction. For example we help power Sam's Club's loyalty rewards program. We're working with First Abu Dhabi Bank to develop an AI-powered concierge integrated into the bank's Mastercard offers platform. This innovative solution will help customers discover and access card offers and benefits in a contextual manner.
加拿大的Tangerine Bank正使用我们的开户身份验证解决方案来实现这一目标。通过整合我们的身份属性与开放银行解决方案，我们帮助Experience公司优化了其面向初次理财客户的数字支票账户服务。一旦这些客户完成注册，我们的资产就能支持其持续互动与忠诚度提升，从而改善客户满意度。例如，我们为Sam's Club的忠诚度奖励计划提供支持。我们还与阿布扎比第一银行合作，开发一款集成于该行万事达卡优惠平台的AI驱动礼宾服务。这一创新解决方案将以情境化方式帮助客户发现并获取卡片优惠和权益。
Additionally our business and market insight services help our customers with portfolio optimization. We've combined our consulting expertise analytics insights to help customers like Intesa Sanpaolo to optimize the program performance. We also provide tools to protect our customers and the ecosystem more broadly. Last year, we enhanced our AI-powered decision intelligence to supercharge our fraud scoring and detection rates and it's working. Detecting more than 40% more fraud versus quarter one last year. On the cyber security front Recorded Future just unveiled malware intelligence. It's a new capability enabling proactive threat prevention for any business using real-time AI-powered intelligence insights. These are just two examples how we deploy AI. Taking a step back AI is deeply ingrained in our business.
此外，我们的商业与市场洞察服务也帮助客户优化其产品组合。我们整合了咨询专长与分析洞察，助力如Intesa Sanpaolo（意大利联合圣保罗银行）等客户提升其项目绩效表现。我们也提供工具以更广泛地保护客户及整个生态系统。去年，我们升级了AI驱动的智能决策系统，大幅提升欺诈评分与检测效率，并取得显著成效——相比去年第一季度，欺诈检测率提高了超过40%。在网络安全领域，Recorded Future公司刚刚推出了“恶意软件情报”新功能，使企业可以基于实时AI情报洞察，主动防范威胁。这些只是我们部署AI的两个例子。从更广的角度看，AI已深深嵌入我们的业务之中。
We have access to an enormous amount of data and this uniquely positions us to enhance our AI's performance resulting in greater accuracy and reliability. And we're deploying AI to enable many solutions in market today. In fact in 2024 AI enabled approximately one in three of our products within value-added services and solutions. Simply put, our services are focused on areas that truly matter to our customers both in payments and beyond and we're intentionally investing in areas like AI-powered threat intelligence that are ripe with opportunities for growth. Today, I've shared numerous wins, new partnerships and new product innovations. The execution is evident and our momentum continues.
我们掌握着海量数据资源，这一独特优势使我们能够持续提升AI性能，实现更高的精准度与可靠性。目前，我们已将AI部署于多个市场解决方案中。事实上，截至2024年，AI已应用于我们三分之一的增值服务与解决方案产品中。简单而言，我们的服务聚焦于客户最关心的关键领域，无论是支付领域还是更广泛的业务场景；我们也有意识地在AI威胁情报等充满增长潜力的领域进行投资。今天我分享了众多成果、全新合作伙伴关系以及产品创新，执行力有目共睹，我们的增长势头仍在持续。
So I want to wrap up with some key takeaways for you. We delivered another quarter of very strong results. We're monitoring the macroenvironment and prepared to adjust as needed. We have a broad set of solutions that drive value for our customers. We have a strong, resilient and diversified business model and most importantly we are focused on delivering our strategy and growth for the long term. Sachin over to you.
最后，我想为大家总结几个重点。我们又一次交出了一份非常亮眼的季度成绩单。我们正在密切关注宏观环境，准备在必要时灵活应对。我们拥有一整套广泛的解决方案，能够为客户创造价值。我们具备强大、具备韧性且多元化的商业模式，最重要的是，我们始终专注于实现我们的长期战略与增长目标。接下来交给Sachin。
整个业务框架跟Visa基本一样，就像McDonald和KFC。
Sachin Mehra
萨钦·梅赫拉
Thanks Michael. Turning to page 3 which shows our financial performance for the first 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 17% reflecting continued growth in our payment network and our value-added services and solutions. Acquisitions contributed one ppt to this growth. Operating expenses increased 14% including a 4 ppt increase from acquisitions and operating income was up 19% which includes a 1 ppt headwind from acquisitions. Net income and EPS increased 13% and 16% respectively driven primarily by the strong operating income growth partially offset by a higher effective tax rate due to the impact of the global minimum tax rules commencing in the current period. EPS was \$3.73, which includes an \$0.08 contribution from share repurchases. During the quarter, we repurchased \$2.5 billion worth of stock and an additional \$884 million through April 28, 2025.
谢谢你，迈克尔。现在请翻到第3页，该页以货币中性方式展示了我们第一季度的财务表现，已在适用情况下剔除特殊项目以及股权投资的损益影响。净营收同比增长17%，反映了我们的支付网络以及增值服务和解决方案的持续增长；并购为该增长贡献了1个百分点。运营费用增长14%，其中并购拉动了4个百分点；运营利润增长19%，其中并购带来1个百分点的逆风。净利润和每股收益分别增长13%和16%，主要受强劲的运营利润增长推动，部分被本期开始实施的全球最低税规则所致的较高有效税率所抵消。每股收益为3.73美元，其中包括股份回购贡献的0.08美元。本季度我们回购了价值25亿美元的股票，并在截至2025年4月28日期间额外回购了8.84亿美元。
4月份股价跟随大盘下跌，最大跌幅距离最高点大概20%。
Now turning to page 4, let's first look at some of our key volume drivers for the first quarter on a local currency basis. Worldwide, gross dollar volume, or GDV, increased by 9% year-over-year. In the U.S., GDV increased by 7%, with credit growth of 6% and debit growth of 8%. This growth was impacted by the lapping of the Citizens Debit Portfolio migration to Mastercard, which commenced in Q1, 2024. Outside of the U.S., volume increased 10%, with credit growth of 9% and debit growth of 12%. Overall, cross-border volume increased 15% globally for the quarter, in line with expectations and reflecting continued growth in both travel and non-travel related cross-border spending.
现在请翻到第4页，先来看一下第一季度本币基础上的几个关键交易量驱动因素。全球总交易额（GDV）同比增长9%。在美国，GDV增长7%，其中信用卡增长6%，借记卡增长8%；这一增长受到了2024年第一季度开始的Citizens借记卡组合迁移至万事达所带来的基数影响。美国以外，交易量增长10%，其中信用卡增长9%，借记卡增长12%。整体来看，本季度全球跨境交易量增长15%，符合预期，并反映出旅游及非旅游相关跨境消费的持续增长。
Turning now to page 5, let's talk about switch transactions, which grew 9% year-over-year in Q1. 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 73% of all in-person switch purchase transactions. In addition, card growth was 6%. Globally, there are 3.5 billion Mastercard and Maestro-branded cards issued. Turning to slide 6, for a look into our net revenue growth rates for the first quarter, discussed on a currency-neutral basis. Payment network net revenue increased 16%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives. Value-added services and solutions net revenue increased 18%.
现在请翻到第5页，来看一下交换交易量，第一季度同比增长9%。到店刷卡和非到店刷卡的增长率都保持强劲。到店刷卡的增长部分得益于非接触式的渗透率提升，目前非接交易约占所有到店交换消费的73%。此外，发卡量增长6%。全球已发行的万事达和Maestro品牌卡片达到35亿张。接着翻到第6页，了解一下以货币中性计算的第一季度净营收增长。支付网络净营收增长16%，主要由国内与跨境交易量增长驱动，并包含返佣和激励的增长。增值服务与解决方案净营收增长18%。
This includes a 4 percentage point increase from acquisitions. The remaining 15% increase was driven primarily by the scaling of our security and digital and authentication solutions, as well as demand for our consumer acquisition and engagement services. It was also driven by growth in our underlying drivers and price-set.
其中4个百分点来自并购贡献。其余14个百分点的增长主要受我们安全、数字和身份验证解决方案规模扩大以及客户获客与互动服务需求提升所推动，同时也受基础业务驱动因素和定价增长的拉动。
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 12%, while worldwide GDV grew 9%. The 2 ppt difference is primarily driven by mix and pricing. Cross-border assessments increased 18%, while cross-border volumes increased 15%. The 3ppt difference is primarily driven by pricing in international markets. Transaction processing assessments were up 17%, while switch transactions grew 9%. The 7 ppt difference is primarily due to revenue related to FX volatility, favorable cross-border mix, and pricing. Other network assessments were \$231 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation, and other franchise fees, and may fluctuate from period to period.
现在请翻到第7页，讨论支付网络相关的关键指标。如无特殊说明，所有增速均为货币中性口径。先快速浏览各项指标：国内评估费增长12%，而全球GDV增长9%，两者2个百分点的差异主要由业务结构和定价造成。跨境评估费增长18%，跨境交易量增长15%，3个百分点差异主要反映国际市场的定价。交易处理评估费增长17%，交换交易量增长9%，7个百分点差异主要归因于外汇波动相关收入、跨境交易结构改善以及定价因素。本季度其他网络评估费为2.31亿美元。请记住，这些评估费主要涉及许可、实施及其他特许经营费用，并可能在各期之间波动。
Moving on to page 8, you can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 14%, which includes a 4 ppt impact from acquisitions. This growth was primarily driven by increased spending to support the continued execution of our strategic initiatives. Total adjusted operating expenses were lower than expected this quarter, primarily due to the cadence of expenses between the first quarter and the remainder of the year.
接着看第8页，在非GAAP货币中性基础上，排除特殊项目后，调整后运营费用总额增长14%，其中并购影响4个百分点。该增长主要源于我们为持续推进战略举措而增加的投入。本季度调整后运营费用低于预期，主要是由于费用在第一季度与全年其他时期之间的节奏安排。
Turning now to page 9, let me comment on the operating metric trends for the first quarter and the first four weeks of April. Starting with Q1, we saw healthy consumer and business spending. Our operating metrics remained generally stable after adjusting for the following three items. First, the leap year in Q1 2024, which reduced Q1 2025 growth by over 1 ppt across switch volumes, switch transactions, and cross-border volumes. Second, the timing of Easter and other holidays. Easter occurred in April this year, as compared to the end of Q1 in 2024. And finally, as it relates to cross-border travel, we saw a pull-forward of spend into Q4 2024 from Q1 2025, as we mentioned on our last earnings call.
现在请翻到第9页，我想评论一下第一季度以及4月前四周的运营指标趋势。先说第一季度，我们看到消费者和企业支出保持健康。调整以下三项因素后，我们的运营指标总体保持稳定：一是2024年第一季度闰年效应，使得2025年第一季度交换交易额、交换笔数和跨境交易额增速均被拉低逾1个百分点；二是复活节和其他假期时点差异——今年复活节在4月，而2024年则落在第一季度末；三是跨境旅行方面，我们在上一季度电话会议中提到的支出前移——部分支出从2025年第一季度提前到了2024年第四季度。
Now, turning to the first four weeks of April, sequentially, switch volumes, switch transactions, and cross-border volumes also remained generally stable after adjusting for the points I just mentioned. Let me double-click on cross-border for a minute. Cross-border travel growth broadly remained strong, but we are seeing some moderation in select markets in the Middle East and Africa as they come off recent periods of extremely high growth. Cross-border, card-not-present, ex-travel growth continue to be very strong. Summing it up, total cross-border continue to grow at a healthy clip with 16% growth year-to-date through April 28th on a local currency basis.
再来看4月前四周，经调整上述因素后，交换交易额、交换笔数和跨境交易额也环比基本稳定。具体到跨境业务，跨境旅行消费整体依然强劲，但在中东和非洲部分市场出现了从此前超高速增长中的适度放缓。剔除旅行的跨境线上（卡非在场）消费依旧非常强劲。总体而言，截至4月28日，年初至今的跨境总交易量按本币计增长16%，保持健康增势。
Turning now to page 10, I wanted to share our thoughts for the remainder of the year. The headline is that our business remains strong and consumer spending remains healthy. On the macroeconomic front, the fundamentals that support consumer and business spending have been solid to date. Specifically, unemployment rates remain low, and for the most part, wage growth continues to outpace the rate of inflation. At the same time, increased economic and geopolitical uncertainty has weakened sentiment and creates risks. But remember, our business is diversified, and that is true across products and services, discretionary and non-discretionary spend categories, domestic and cross-border spend, and countries and corridors.
最后请翻到第10页，我想谈谈对今年剩余时间的看法。总的来说，我们的业务依然稳健，消费者支出保持健康。从宏观层面看，支撑消费者和企业支出的基本面迄今仍然牢固：失业率维持低位，且大多数情况下工资增速仍高于通胀率。与此同时，经济和地缘政治不确定性的上升削弱了市场情绪并带来风险。但请记住，我们的业务高度多元化，这体现在产品与服务、可选与非可选消费类别、国内与跨境支出以及各国各地区等多维度。
For example, when looking at cross-border corridor pairs, meaning the inbound and outbound flows between two countries, no cross-border corridor pair represented more than 3% of our total cross-border volume in 2024. This diversification brings resilience, as does our disciplined approach to capital allocation. We will continue to monitor the external environment and have expense levers to adjust, if necessary.
例如，当我们观察跨境通道对，即两个国家之间的资金进出流向时，2024年没有任何单一跨境通道对占我们跨境总交易量的比例超过3%。这种多样化带来了韧性，我们在资本配置上的纪律性也同样如此。我们将继续监测外部环境，并在必要时通过费用杠杆进行调整。
Now turning to our expectations for the full year 2025, our base case assumes consumer spending remains healthy. We continue to expect net revenue to grow at the high end of a low double digits to low teens range on a currency neutral basis, excluding acquisitions. Acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year. Given recent currency fluctuations, we now estimate a minimal impact from foreign exchange. From an operating expense standpoint, we continue to 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. Acquisitions are forecasted to increase the OpEx growth rate for the year by approximately 5 ppt, while we expect a minimal impact from foreign exchange.
现在来看对2025全年业绩的预期，我们的基本情形假设消费者支出保持健康。我们继续预计，扣除并购因素后，按货币中性口径，净营收将以低两位数高段至十几个百分点低段的区间高端增长。并购预计将为全年增长率贡献1至1.5个百分点。鉴于近期汇率波动，我们目前估计外汇影响可忽略不计。在运营费用方面，我们继续预计，在货币中性、剔除并购及特殊项目的基础上，增速将处于低两位数区间的低端。并购预计将把全年运营费用增速提高大约5个百分点，而我们预计外汇影响也可忽略不计。
Now turning to the second 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 minimal impact from foreign exchange for the quarter. From an operating expense standpoint, we expect Q2 growth to be at the low end of a low double digits range versus a year ago, again on a currency neutral basis, excluding acquisitions and special items.
接下来谈2025年第二季度。扣除并购因素后，按货币中性计算，我们预计净营收同比增长将处于十几个百分点区间的低端。并购预计将对该增速产生1至1.5个百分点的影响，而我们预计本季度外汇影响同样可忽略不计。在运营费用方面，我们预计第二季度增速将处于低两位数区间的低端，同样基于货币中性并剔除并购及特殊项目的口径。
Acquisitions are forecasted to have a 4 to 5 ppt impact to this OpEx growth, while we expect a minimal impact from foreign exchange for the quarter. Other items to keep in mind. On other income and expenses, in Q2, we expect an expense of approximately $135 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. This expense is higher than the first quarter, primarily due to three factors. First, Q1 benefited from a one-time interest income impact related to a tax matter.
并购预计将对本季度运营费用增速带来4至5个百分点的影响，而我们预计外汇影响可忽略不计。还有其他事项需要注意。就其他收入和费用而言，第二季度我们预计费用约为1.35亿美元，基于当前的利率水平和债务规模。这不包括股权投资的盈亏，这部分已从我们的非GAAP指标中剔除。该费用高于第一季度，主要由三方面原因造成。首先，第一季度受益于一项与税务事项相关的一次性利息收入。
Second, we expect interest income to decrease in the second quarter due to an expected lower average cash balance. And third, we expect incremental interest expense in Q2 related to our recent debt issuance. Finally, we expect our non-GAAP tax rate to be at the 20% to 20.5% range for both Q2 and the full year, based on the current geographic mix of our business. As a reminder, the Q1 tax rate was lowered due to discrete tax benefits related to share-based payments in the first quarter. And with that, I will turn the call back over to Devin.
第二，我们预计由于平均现金余额下降，第二季度利息收入将减少。第三，我们预计第二季度与近期债务发行相关的额外利息支出。最后，基于当前业务的地域结构，我们预计第二季度以及全年非GAAP税率将在20%至20.5%之间。提醒一下，第一季度的税率因与股权激励相关的离散性税收收益而降低。下面我将电话交还给德文。
Devin Corr
德文·科尔
Thank you, Sachin. Thank you, Michael. Audra, you may now open the call for questions.
谢谢你，Sachin。谢谢你，Michael。Audra，现在请开放提问环节。
Operator
运营商
[Operator Instructions]
【操作员指令】
Your first question comes from Harshita Rawat at Bernstein.
第一位提问者是伯恩斯坦的 Harshita Rawat。
Harshita Rawat
Sachin, can you give us more color on the composition of the cross-border business? I know you said no cross-border corridor is more than 3% of volume. Is it fair to say that travel is about two-thirds, e-commerce the remainder, and within e-commerce is the bulk of it e-retail? I'm just trying to get a sense of U.S. inbound overall on travel and income. Thank you.
Sachin，你能否更详细介绍一下跨境业务的构成？你刚提到没有任何单一跨境通道占比超过3%。那么是否可以理解为：跨境交易中大约三分之二是旅行相关，其余三分之一是电商；而在电商部分，大多数又是电子零售？我想了解一下美国入境跨境支出的整体情况。谢谢。
Sachin Mehra
萨钦·梅赫拉
Sure, Harshita. So, just a little bit of color. One of the reasons why we wanted to share that statistic—which I did—that no cross-border corridor pair represented more than 3% of total cross-border volume in 2024 was essentially to share with you that we have a very diversified portfolio. There is no over-dependence on any one corridor pair, which actually is going to influence our numbers one way or the other. So that’s point number one.
好的，Harshita。我先补充一些信息。我们之所以分享“2024年没有任何跨境通道对占跨境总交易量超过3%”这一数据，主要是想告诉大家我们的业务组合非常多样化，并不过度依赖某个单一通道对，因此不会因个别通道的波动而显著影响整体数据。这是第一点。
The second thing I’ll mention to you is: I think we had shared some statistics back a few years ago regarding the mix of cross-border travel versus cross-border e-commerce. This was during the COVID time frame, where we mentioned that card-not-present and card-present cross-border was roughly half and half, and one-third of the card-not-present was travel-related. So we’ve kind of given you some general sense on that, and you should assume with a business of our size that things generally tend not to move around big time over the course of a couple of years as it relates to the mix. So that’s generally what we’ve shared with you there.
第二点，几年前我们曾披露过跨境旅行与跨境电商的构成比例。当时是在新冠疫情期间，我们提到卡非在场（线上）与卡在场（线下）跨境交易大致各占一半，而线上跨境交易中约有三分之一与旅行相关。对于我们这种规模的业务来说，交易构成在几年内通常不会出现大幅波动，所以你可以大体沿用这个比例框架来理解现状。
As it relates to the card-not-present ex-travel component, you can see some really solid growth there. You can see that in the metrics that we’ve got here. And look, when COVID happened, COVID changed a lot of things, right? The world went more digital, merchants went more omnichannel, more people were shopping online, and this was true both in the domestic environment as well as in the cross-border environment, and you’ve seen that sustained growth come through even now.
关于“线上非旅行”这一部分，你可以看到增速非常强劲，我们在各项指标中也体现了这一点。疫情发生后，全球加速数字化，商家更加注重全渠道经营，消费者线上购物比例显著提升——这在国内和跨境场景都一样。至今，这种增长势头仍在持续。
So net-net, what I tell you is I feel pretty good about how our portfolio is positioned. We continue to stay very focused on growing our portfolio that is cross-border-focused, for all the right reasons. Not every portfolio is going to be the ones we’ll go after, but the ones we do go after, we see good promise for growth, and you’re seeing that come through in the metrics which we’ve shared with you.
总的来说，我对我们目前的产品组合定位感到非常满意。我们仍将聚焦于有利可图的跨境增长机会。当然，并不是所有潜在客户我们都会去争取，但对我们选择的项目，我们看到了可观的增长潜力，这一点也已经在各项指标中得到印证。
Operator
运营商
We’ll move next to Andrew Jeffery at Truist Securities.
下面由 Truist Securities 的 Andrew Jeffery 提问。
Andrew Jeffery
Hi. William Blair these days, fortunately. Thanks for taking the question. I appreciate it. I wonder if I could dig in a little bit on the economics of your tokenized offerings. Michael, I think you said they’re 35 %—I guess I’m assuming card-not-present transactions—have token, are now tokenized. Can you just speak to where you think that number can go and what that means economically for Mastercard over the next several years?
嗨，我现在其实在 William Blair，很荣幸能提问。谢谢你们接受我的问题。我想更深入了解一下你们代币化产品的经济效益。Michael，我记得你说过 35%——我猜是线上（card-not-present）交易——已经实现了代币化。你认为这个比例未来还能升到什么水平？这对万事达未来几年的经济收益有什么意义？
Michael Miebach
Right. First of all, this is our approach around tokenization—very important technology, drives more security, makes a better user experience, and we wanted to scale this. I gave you a stat earlier that 35 % of our switched transactions are now tokenized. So initially the strategy was: put it out there and get a base-level offering across the world. Then we said, okay, let’s start to build solutions on top of our tokenization platform; we put in life-cycle management and the like, and we started to price for that because that is additional value that we put out, and we’ve seen the benefit of three quarters of that pricing from our international markets. So that is where we are today, and we’re going to continue to monitor that—as great demand and tokenization.
好的。首先，代币化是我们的核心策略之一。它是一项非常重要的技术，能提升安全性、改善用户体验，而我们的目标是让它大规模落地。我刚才提到，目前我们处理的交易中有 35% 已经实现了代币化。最初，我们的策略是先把基础能力全球铺开；随后，我们在代币化平台之上构建了生命周期管理等增值解决方案，并针对这些额外价值开始收费。国际市场的前三个季度已经让我们看到了定价带来的收益。这就是我们目前的位置，我们也会继续密切关注市场对代币化的强劲需求。
I gave you an update that even in China, we built a locally-based developed solution to drive the same kind of impact in China for us. When you start to think about where we are going, as we were talking about agentic commerce, where again token technology is at the center of that, you can start to see there’s a lot of value created, and you know our pricing strategies—we always strive to recoup some of our investments and share in the value that we create for our customers. So that’s the broad direction.
我还告诉大家，即使在中国，我们也开发了本地化的解决方案，以获得同样的效果。展望未来，我们谈到的“代理式（Agentic）商务”依然以代币技术为核心，由此会创造出大量新价值。按照我们的定价策略，我们一贯会在回收投资的同时，与客户共享价值增长。这就是我们的整体方向。
Operator
主持人
We'll go next to Tien-tsin Huang at JPMorgan.
接下来请摩根大通的黄天晋提问。
Tien Huang
黄天晋
Hey, good morning, Michael, Sachin, and Devin. I want great results, of course, especially on the growth side. I just want to dig into the operating expenses and the cadence there. Sachin, I think you said slow start to some spending. I just want to understand the cadence a little bit more and what's discretionary versus non-discretionary growth versus maintenance, and I think there's some one-timers for Recorded Future integration, so I just want to better understand that given it's running double digits overall. Thanks.
大家早上好，Michael、Sachin 和 Devin。业绩显然很出色，尤其是增长方面。我想深入了解运营费用及其节奏。Sachin，我记得你提到部分支出启动较慢。我想更清楚地了解节奏以及哪些支出是可裁量、哪些是非裁量，哪些属于增长型、哪些属于维护型。另外，Recorded Future 整合似乎有一次性费用——在整体运营费用双位数增长的背景下，我想更好地理解这些情况。谢谢。
Sachin Mehra
Sure, Tien-tsin. So on OpEx, like I mentioned, operating expense in the first quarter came in slightly lower than what we had originally anticipated, primarily due to the cadence point that you're mentioning out here, which is specifically as it relates to there's several areas in which we were expecting to actually incur expense in the first quarter. For example, in A&M, we were expecting -- A&M being advertising and marketing, which I know you know, was expected to be higher.
好的，天晋。关于运营费用，正如我之前提到的，第一季度运营费用略低于我们原本预期，主要原因正是你提到的节奏问题——具体来说，我们本来预计在多个领域于第一季度内产生费用。例如在 A&M（广告与市场推广）方面，我们原本预计会更高。
It came in slightly lower. Again, it's not because we're not going to do the spend, it's just a question of timing based on when sponsorships take place, when we have to activate around those sponsorships, when we do the media around those sponsorships. So, that's kind of one area. But in addition to that, right, we do expect from a cadence standpoint that as the year continues, that you will see, particularly in the second half, an increase in operating expenses which will take place because we do have plans to make investments and there are several areas which we will make investments on, such as investing in the great secular opportunity that Michael was talking about, right? I mean, we've got this opportunity in front of us.
实际支出稍低，并不是因为不花这笔钱，而是时点问题：要看赞助活动何时发生、我们何时围绕这些赞助进行激活和媒体投放。这是其中一个方面。除此之外，从节奏角度看，随着今年推进，尤其是下半年，你会看到运营费用上升，因为我们计划进行多项投资，包括 Michael 提到的重大长期机会——这一机遇就摆在我们面前。
We believe it's there in several markets across the globe. We do plan to invest in frontline resources to actually happen to that opportunity and that will be one area. The second area I would tell you is around hardening of infrastructure, right? This is something as a payment network which is really important. It's important that we continue to invest in our infrastructure in order to deliver to our customers what our customers expect from us. So, that'll be another area where we focus from an expense standpoint.
我们认为在全球多个市场都存在这一机遇。我们计划在一线资源上投入，以真正抓住机会，这是第一方面。第二方面是基础设施加固——作为支付网络，这一点非常关键。继续投资基础设施才能向客户交付他们所期待的服务，因此这也是我们费用投入的重点。
And finally, I'll mention that we continue to see good growth from a services standpoint and we'll continue to invest in areas from a services standpoint, from a product development and capabilities perspective. So, several areas. The cadence is, like you said, it was a little lower in the first quarter. We expect it to ramp up as we go through the remainder of the year. We've given you guidance on operating expenses for the second quarter. So, I think you can back into what we expect in the second half based on what I've given you in full year guidance and what you kind of now have visibility for the first half of the year.
最后，我想说的是，服务业务继续保持良好增长，我们也将继续在服务、产品开发及能力建设方面投资。总体而言，第一季度的节奏如你所说偏低；随着今年余下时间推进，我们预计会加速提升。我们已给出了第二季度运营费用指引，结合全年指引和上半年的可见性，你可以反推我们对下半年的预期。
On your question on Recorded Future, again, we've shared with you what we think the impact of two acquisitions would be which is Recorded Future and Minna. And Recorded Future being the larger of the two. And just as a reference point, at the last earnings call we had shared with you on these acquisitions that roughly 2.5 percentage points of the growth we are talking about from acquisitions is run rate expenses. That is the expense to run the business. Approximately 1% relates to the amortization of intangibles and the remaining relates to one-time integration costs and other expenses which we have to incur in a one-time nature standpoint. And nothing's changed from what we shared with you three months ago.
关于 Recorded Future 的问题，我们再次说明两项收购（Recorded Future 与 Minna）的影响，其中 Recorded Future 体量较大。上次财报电话中我们提到，来自这两笔收购的增长贡献中，大约有 2.5 个百分点属于经常性运营费用，即日常运营成本；约 1 个百分点是无形资产摊销；剩余部分则是一项性的整合成本及其他一次性费用。与三个月前分享的信息相比，没有任何变化。
Operator
主持人
We'll move to our next question from Sanjay Sakhrani at KBW.
接下来由 KBW 的 Sanjay Sakhrani 提问。
Sanjay Sakhrani
Thank you, good morning. Michael, Sachin, this might be a question for both of you. I know you're seeing resilience on the part of the consumer but I'm just curious if you just peel back the onion a little bit. Is there anything that you're seeing that concerns you in terms of the health and the consumer and spending habits, especially with tariffs and such? I know like this quarter seemed to come in a little bit stronger than expected but you're not revising the outlook. Just want to make sure that there's nothing. Is that just prudence or something you're seeing? Thanks.
谢谢，早上好。Michael、Sachin，这可能需要两位一起回答。我知道你们看到消费者表现依旧韧性十足，但如果再深入一点来看，在消费者健康状况和消费习惯方面，尤其是在关税等因素影响下，你们有没有看到任何令人担忧的迹象？我知道本季度数据似乎比预期更强，但你们并未上调全年展望。我想确认一下是否有隐忧，这是出于谨慎，还是你们确实看到了什么迹象？谢谢。
Michael Miebach
Let me start off and then Sachin always has plenty of detail to deep dive in. So overall, I mean, first of all, we have a very unique lens on consumer spending. This is across the world. So we have regional data to look at and I'll give you some highlights around that. The second thing is for us, we obviously look for trends and see what matters to consumers. And some of the fundamental truths that we put out into our 2025 economic outlook that we issued through the Mastercard Economics Institute was that we expect the consumer to remain engaged, that we expect the consumer to appreciate experiences and spend experiences. And the one thing that's to be said about an engaged consumer, it also means it's a consumer that is leveraging all the tools that the digital economy offers the consumer in terms of finding what's the best deal, looking for the best deal.
我先回答，随后 Sachin 会补充更多细节。总体来看，首先，我们对全球消费者支出拥有独特视角，可以查看各地区数据，并为您提供一些亮点。其次，我们关注趋势，了解消费者在乎什么。在万事达卡经济研究院发布的 2025 年经济展望中，我们提出几个基本判断：消费者将保持活跃，偏好体验型消费。活跃的消费者会利用数字经济提供的各种工具来寻找并获取最佳交易。
So it's not so much about spending up and down but it's also the choices. I don't think we're connected. So the engaged consumer is using all the tools of the digital economy to make expense decisions and decide between discretionary and non-discretionary spending. So that's overall, none of this has changed. In our data, we don't really see significant upfront, upfronting of spending. So that's not a trend that came through.
因此，重点不只是消费金额的高低，更在于选择。活跃消费者正借助数字工具在可支配和必需支出之间做决策。整体而言，这些情况并未改变。我们的数据并未显示大规模“提前消费”的现象，这并不是当前的趋势。
That was a specific angle of your question. If I look across the board, this hasn't shown in any of the regions. In the US, we see generally stable spending. Europe, a bit more of a challenging environment but also generally spending. In Asia, if you look at another big region there, China came in a little bit ahead of what they said, what they initially had projected on their economic growth. And here we see tremendous spending coming through our data but it's really driven by share gain which is also something always to distinguish. So overall, nothing particularly concerning at this point in time. The headline of our trends has generally remained stable is very much spot on.
针对你问到的这一点，我们在任何地区都未见明显迹象。美国消费整体稳定；欧洲环境更具挑战，但消费也保持；亚洲方面，中国经济增速略超预期，我们的数据中显示强劲支出，但更多来自份额提升。因此，目前并无特别令人担忧的情况，总体趋势保持稳定这一结论非常准确。
Sachin Mehra
Yes, Sanjay, I'll just add a couple of points here. You basically kind of talked about the beat in Q1. So a couple of things which I wanted to share with you. The beat in Q1 was primarily driven by two factors. One was higher levels of FX volatility and lower rebates and incentives than what our expectations were. And so when I kind of think about that and I think about the implications of the full year, I perfectly will expect that rebates and incentives because it's a timing issue as far as I'm concerned will actually occur as the year goes along. We continue to remain very active in the market.
是的，Sanjay，我补充两点。你提到我们一季度业绩超预期，主要有两大原因：其一是外汇波动加剧，其二是返利和激励低于预期。从全年角度看，返利和激励只是时点问题，后续会逐步兑现。我们仍在市场上保持高度活跃。
We're going to continue to do the deals we need to do as part of that process. And as you and I both know, the FX volatility is super hard to predict. So you had the tailwind from FX volatility in Q1 and that's what we've got. Other point I'll mention to you is you asked about what is the impact in addition to what Michael just mentioned. What we are seeing is inbound into the U.S. and in terms of cross-border travel, you are seeing some level of moderation take place there, no question about it. And this has been particularly true in the latter half of Q1 and going into the first four weeks of April.
我们会继续签订必要的合作协议。正如你我所知，外汇波动难以预测，一季度的确获得了汇率顺风。另外，你问到的影响方面，除了 Michael 提到的情况外，我们看到赴美跨境旅行有所放缓，尤其是在一季度后半段及 4 月前四周，这一点毋庸置疑。
That being said, what you are seeing is what is not coming into the U.S. is going into other regions. So this is where the beauty of the diversified business model comes into play. So you are seeing actually better trends in terms of cross-border, for example, in Europe, for example, in the Middle East and Africa, Asia Pacific. And so again, that's why when you look at the numbers in the macro, it shows you stability, but there are puts and takes which take place as part of the process. And as I mentioned, right, our concentration to any one currency quarter is less than 3% as it was in 2024. So I feel pretty good about the diversified nature of the business. Time will tell where the world takes us. I mean, obviously there's a level of uncertainty and risk which is out there, which we stand ready to actually not only monitor, but act on as appropriate.
话虽如此，未流向美国的跨境消费正转向其他地区，这正凸显我们多元化商业模式的优势。例如在欧洲、中东和非洲、亚太等地，跨境趋势更好。因此，从宏观数字看依旧稳定，但过程中确有此消彼长。正如我提到的，我们对任何单一货币的季度敞口均低于 3%，与 2024 年相同。我对业务的多元化特性很有信心。未来如何发展还有待观察，外部仍存在不确定性和风险，我们已做好监测并适时应对的准备。
Michael Miebach
So we will monitor the tariff side of the equation, but we will continue to monitor job creation. We will monitor employment rates and we will monitor wage growth, which are on the other side of the coin. So that's the approach. Stay close and see where it goes and have the right solutions for our customers.
因此，我们会关注关税动态，同时紧跟就业创造、就业率和工资增长等另一面的数据。我们的做法是保持紧密跟踪，见机行事，为客户提供相应解决方案。
Operator
主持人
We'll move next to Adam Frisch at Evercore ISI.
接下来请 Evercore ISI 的 Adam Frisch 提问。
Adam Frisch
Hey guys, good to be back with you. Two questions I had for you this morning. One, the potential impact of a Cap One Discover deal. Trying to quantify the potential, let's just take the worst case scenario to get that off the table. If their debit portfolio were to leave you guys, how should we think about that impact to your financials?
大家好，很高兴再次和你们交流。我今天有两个问题。第一，关于 Capital One 收购 Discover 的潜在影响。为了量化这种影响，我们先把最坏情况摆在台面上：如果他们的借记卡组合完全离开你们网络，我们该如何评估这对你们财务业绩的影响？
And then the second question, and that was the worst case scenario. And then the second question is, how does China factor into being a contributor to your revenue projections in the near term? Is that still relatively small and not a major source or is it growing in importance in your future near term projections? Thank you.
第二个问题——刚才是假设的最坏情形。请问在近期收入预测中，中国的贡献占比如何？目前仍然相对较小、不算主要来源，还是在你们未来的短期规划中正变得越来越重要？谢谢。
Sachin Mehra
Hey Adam, welcome back. So on your question around Cap One and Discover, look, I mean, like I mentioned in last earnings call, right, the guide we've given you as it relates to our full year numbers contemplate our best estimate of what we think the impact of that transaction will be. I think Capital One has been fairly clear about their desire to migrate the debit portfolio over to the Discover network. And that's very much contemplated in what we're thinking about in terms of our outlook for the year. Again, there's a level of uncertainty associated with the timing. And the reason I say that is because the transaction's been approved, it still needs to go through a period of getting into activity to actually make stuff happen there. So we'll keep you updated if there's any meaningful change relative to our expectations as we built into our portfolio guide on the Capital One Discover transaction.
嗨 Adam，欢迎回来。关于 Capital One 与 Discover 的问题，正如我在上一季度电话会上提到的，我们给出的全年指引已包含我们对该交易影响的最佳估计。Capital One 已相当明确地表示希望把其借记卡组合迁移至 Discover 网络，这一点已完全纳入我们今年的展望中。再次强调，时间点仍存不确定性，因为交易虽已获批，但真正落地还需一个执行期。若实际情况与我们在 Capital One-Discover 交易组合指引中的假设出现显著偏差，我们会及时向大家更新。
Michael Miebach
On your question, so just one point. So the relationship with Capital One has been a strong one for a number of years. We've grown together in the market. There are areas now in this setup where we'll continue to have a strong relationship. You have both organizations talk about that. At the same time, there might be areas where we compete going forward. But that is not unique. We have many examples. You look in the acquiring space, for example, where we have great strategic partnerships on one hand, and there will be certain aspects of our business where we compete. So we continue to expect a strong relationship with Discover.
针对你的问题，我补充一点：多年来我们与 Capital One 的合作一直非常紧密，双方在市场上共同成长。在当前格局下，仍有许多领域保持强劲合作，两家公司也都提到这一点。同时，未来也可能在某些方面展开竞争，但这并不罕见。在收单领域，我们既有出色的战略合作伙伴关系，也在特定业务环节互为竞争对手。因此，我们仍预计与 Capital One（口误更正，下同）保持稳固关系。
Sachin Mehra
Sorry, actually with Capital One. And then on your question, about China, look, I mean, I think we've shared previously what our exposure to China was as it relates to both inbound and outbound from a cross-border revenue standpoint. The lion's share of our revenue exposure to China is around cross-border. We do generate some amount of assessment revenue on our domestic volumes, which are there. So net-net, what I would tell you is the impact on revenues of the joint venture is still pretty small. I mean, it's still in ramp mode. It's still in invest mode, I would say, where we're investing in building out the programs Michael talked about and the acceptance infrastructure, so on and so forth. But then as it relates to the business we've always had as it relates to China, around cross-border and on domestic, it's been fairly small. Again, going back to the diversification team we've been talking about. We continue to do what we need to do in terms of driving that business.
抱歉，前面应指 Capital One。关于中国的问题，我们之前也分享过从跨境收入角度看我们对中国的敞口。我们在中国的大部分收入暴露来自跨境业务；境内交易带来一些评估费收入，但规模有限。因此，就合资公司而言，对收入的影响目前仍然很小，仍处于爬坡和投资阶段，我们正在投入资源，建设 Michael 提到的各种项目和受理基础设施。至于我们一直以来在中国的跨境和境内业务，总体规模也相对有限。这再次呼应了我们强调的多元化主题，我们会继续采取必要措施推动该业务发展。
Just one data point I'd share with you as it relates to cross-border inbound and outbound from China, because this is something which people can attract. And we follow this closely as well. Cross-border travel volume inbound into China is now north of 100% of pre-COVID levels, slightly north of 100%. And then outbound, the same metric outbound from China is running in the mid-80s, close to approximately 85% of pre-COVID levels. So just in case you're interested in understanding what the recovery path might look like when we're going forward with this.
再补充一个大家关心的数据：我们也在密切跟踪中国跨境进出境趋势。目前，进入中国的跨境旅行量已略高于疫情前水平（超过 100%）；而中国出境的同口径指标约恢复到疫情前的中段水平，约 85%。如果你想了解未来复苏路径，这些数据可供参考。
Michael Miebach
Now finally, to add, we now have the full tool set there. I mentioned tokenization capabilities. Obviously, the force to participate in contactless and online transactions there. Now earlier there was a question about your external environment. We've obviously closely monitored US-China relationships and all of this.
最后补充一点：我们目前已在当地具备完整的工具包，包括代币化能力，显然也强力支持非接和线上交易。早前有人问到宏观外部环境，我们也在密切关注美中关系等相关动态。
Operator
主持人
We'll move next to Trevor Williams at Jefferies.
接下来请 Jefferies 的 Trevor Williams 提问。
Trevor Williams
Great, thanks very much. I just wanted to follow up on the full year guide. Sachin, if you could talk to, directionally at least, what you're building in for the rest of the year across switch volume and cross-border. You've talked about lapping citizens and how that's a dynamic to keep in mind, but if there's any other underlying deceleration assumed relative to the current run rates when we kind of normalize for the holiday timing in March and April, and then just any comment on kind of what you're assuming for FX volatility. Thanks very much.
非常感谢。我想就全年指引再追问一下。Sachin，能否至少从方向性角度谈谈你们对全年剩余时间在 switch 交易量和跨境业务方面的假设？你提到需要消化去年 Citizens 带来的基数影响，但除了这点之外，在我们把 3 月和 4 月假期时点正常化后，你们是否假设当前运行水平会出现其他潜在放缓？另外，请评论一下你们对汇率波动的假设。非常感谢。
Sachin Mehra
Sure, Trevor. So a few thoughts for you on that. One, as I mentioned in my prepared remarks, we continue to assume our base case is that there's a strong consumer which continues to persist, right. I mean, that's what the fact and the data show us so far. And while there's a level of uncertainty, which we talked about, but that's what the current data is. So the base case is that the strength in consumer spending continues.
当然，Trevor，我有几点想法。首先，正如我在发言中提到的，我们的基本假设仍然是消费者依旧强劲——迄今的事实和数据都表明如此。虽然存在一定不确定性，但当前数据就是这样。因此，我们的基本情形是消费者支出的强劲态势会持续。
In terms of items which are unique to this year as we kind of go through the year, one is the fact which you mentioned, which is the lapping of the wins we had last year, which is going to start to come through as the year progresses. It started in Q1, it'll continue at a more accelerated pace in Q2, and then it'll go on for the quarters to come, just because that's kind of, that's the good news.
至于今年的独特因素，你提到的关键一点是去年赢得的新组合开始进入比较基数，这一影响会随着时间推移显现。它已在第一季度开始体现，第二季度将以更快速度持续，后续几个季度也会继续，这其实是件好事。
Because you want portfolios, you've got the revenue associated with that, but it does actually take down growth rate on a year-over-year basis. The other thing which you'll see is the lapping of certain amounts of pricing which was put in place last year. So that'll also start to come through as the year progresses. And the last point I'd make is around, I mentioned earlier about R&I and about how we had lower R&I in the first quarter, and that we expect for that to be something which will play out as the year progresses, because we can view that more as timing than anything else. So that should be very much part of how you're thinking about what we factored into the guide. And the last point I'd mention is around FX volatility.
赢得组合会带来收入，但同比增速会被拉低。另一个因素是去年实施的部分定价举措也进入基数期，这将在今年逐步体现。最后一点，我之前提到过 R&I——我们第一季度的 R&I 较低，更多是时间性因素，全年会逐步体现，因此在理解我们的指引时要考虑这一点。最后还要提到汇率波动。
On FX volatility, you will remember that last year in Q4, there were pretty high levels of FX volatility. So there's a tougher comp this year. I have no idea what FX volatility is going to look like. We do our best estimate in terms of what we think will happen, but again, I am proven wrong every day by my team about where that is going to actually show up, both to the upside and the downside. So we do our best estimates around that, we put that into our guide, and again, our guide's a range, right? So that's why we give you a range. And so you should actually think about it in that manner.
关于汇率波动，你们可能记得去年第四季度波动水平相当高，因此今年的比较基数更难。我无法预测汇率波动将如何演变，我们会根据最佳判断做出估计，但团队每天都会用实际情况证明我对上下波动的预测可能不准。我们已将最佳估算纳入指引，而指引本身就是一个区间，这正是我们提供区间的原因。因此你需要以这种方式来理解。
Operator
主持人
We'll move to our next question from Darrin Peller at Wolfe Research.
接下来由 Wolfe Research 的 Darrin Peller 提问。
Darrin Peller
Hey guys, thanks. Can we just touch for a minute on pricing? I know you talked about tough comps into the second half on pricing, given some moves you made last year around, I think it was cross-border into organization. But when we think about the opportunities you have now into the second half, maybe just give us a sense of the level. Is it something that you see instituting new price opportunities that could be somewhat similar to what you did over the second half last year as the year progresses, even if it's not timed exactly?
大家好，谢谢。我们能否花一点时间谈谈定价？我知道你们提到，由于去年在跨境等方面采取的一些举措，导致今年下半年定价的同比基数会比较高。但如果看现在到下半年的机会，能否让我们了解一下大致幅度？随着今年推进，你们是否会推出与去年下半年类似的新定价机会，即便实施时点不完全一致？
And then maybe just more holistically, what areas are you providing the value at that you think you can take more price from that you're most excited about on that front? Maybe in the backdrop of what the competitive dynamics look like these days. Thanks again, guys.
再从更整体角度看，在哪些领域你们提供的价值足以支持进一步提价，并且对此最感到兴奋？也请结合当前的竞争格局谈谈。再次感谢。
Michael Miebach
All right, Darren. So pricing. The first thing to put out there is it's obviously a competitive market. And we generally price to market, more importantly, we price the value that we provide. And I believe we provide value across the whole range of our offerings. That's on the payment solutions, as well as on the value-added services and solutions range of products that we put out there. So we will all continuously look for ways to recoup some of the investments and price for the value due. On the price, on the payment side generally, the expectation should be as payments become more efficient and perform better, that is an indicator of where the value is generated. On the value-added solutions and services, the approach really is to say, let's say on safety and security, what is the reduction in fraud that a customer can expect? And those are some of the indicators that we use to actually, when we sell these products, to talk to our customers, well, here's the value you can expect.
好的，Darrin，关于定价。首先必须说明，这显然是一个竞争激烈的市场，我们通常按市场水平定价，更重要的是按我们所提供的价值来定价。我相信我们在整套产品体系——无论是支付解决方案还是增值服务与方案——都能提供价值。因此我们会持续寻找回收投入、按价值定价的机会。就支付端而言，随着支付效率提升、表现更好，价值也就随之产生；在增值服务与解决方案方面，我们会向客户明确，例如在安全防护上，可预期减少多少欺诈，这些指标都是我们销售产品时与客户沟通“可期价值”的依据。
And then the same is for the customer engagement and insights tools, where again, we say, you can engage your customer so much better, therefore the ROI on your marketing spend is going to be improved. And that is what we do. So to your question, Darren, it's across the board. We will continue to look for those opportunity as a matter of course, as we run our business. There is no specific spikes or events planned into our outlook on that.
同理，对于客户互动与洞察工具，我们会告诉客户：你们能更好地触达并服务顾客，因此营销投入的 ROI 将得到提升。这正是我们在做的事。所以，Darrin，回答你的问题——机会遍布各条业务线，我们在日常运营中会持续捕捉，但目前的展望并未规划任何一次性的大幅提价动作。
Operator
主持人
We'll take our next question from Timothy Chiodo at UBS.
接下来请 UBS 的 Timothy Chiodo 提问。
Timothy Chiodo
Great, thank you. I want to talk a little bit about wins and migration in general, as it relates to unit economics and some of the incentives timing, just because it's topical, given some of the lapping and conversions and whatnot. On the beginning of a contract, so we understand on the beginning, and there's sort of a fixed component of R&I that hits before the portfolio fully ramps. And then on the end of a contract, when something is about to be converted away or migrated away, like in the case of Capital One, we understand that sometimes the incentives can be either turned off or diminished during that time period. I was just hoping you could talk a little bit about the beginning and the end of those contracts in terms of incentives, the fix, the variable component, and add any context there.
非常感谢。我想谈一下总体上的赢单与迁移情况，以及它们与单位经济和激励计时的关系，因为这个主题目前很热，涉及到一些周期重叠、转化等问题。就合同开始阶段而言，我们知道在组合完全起量之前，会有一笔固定的返利与激励（R&I）支出。至于合同即将结束、例如 Capital One 那种正在迁出的情形，我们了解到有时激励可能会被关闭或减少。我想请你们谈谈这些合同在起始和结束阶段的激励安排，包括固定与可变部分，并补充相关背景。
Sachin Mehra
Sure, so I think you got it right, as it relates to, when we get into a contract, and every contract's different, but when we get into a contract, we typically are incentivizing our customers to bring volume onto the system, right? That's kind of the starting point. And that could be a combination of fixed incentives or variable incentives, or both. And more often than not, it's both. And there's rebates as well, and rebates are just a component of, when I say incentives, just think about it as rebates and incentives in totality.
好的，你的理解基本正确。签订合同时——每份合同都不一样——我们通常会通过激励措施促使客户把交易量带到我们的网络上，这就是出发点。这些激励可能是固定的、可变的，或两者兼有；多数情况下是两者兼有。另外还包括返佣。原则上，当我说“激励”时，你可以把返佣和激励视为一个整体。
The way it works is the variable component varies with volume. It's as simple as that, right? As volumes occur, you pay the related rebates and incentives, there are adjustments which take place to that, because you have to make projections as to what you think your volume outlook is going to be, and you actually accrue your incentives on that basis.
运作方式很简单：可变部分随交易量波动而变。交易量产生多少，就支付相应的返佣和激励；同时会基于你对未来交易量的预测进行调整，并据此计提激励费用。
On the fixed component, the amortization of fixed incentives commences when programs launch. That's kind of when it starts, and they're typically straight-lined over the life of the contract, right? The second part of your question is, at the end of the contract, what happens? And the answer to that is, it depends on the customer, and it depends on the dialogue we're having with the customer. And the reason I bring that up is, to the extent there's an opportunity, let's say there's a contract which is expiring, and we don't end up renewing it. But if there are, let's say, three other opportunities which we could have with that customer, you might actually end up in a situation where you're having a negotiation around, we're not going to get what we had in the past, so we're only going to get a portion of what we had in the past, but we're going to get three other things as part of the deal.
对于固定部分，固定激励的摊销从项目上线时开始，通常在合同期限内直线摊销。你问到合同结束时会发生什么？答案取决于客户以及我们与客户的对话。如果合同到期且未续约，但同一客户还有另外三项潜在业务机会，我们可能会谈判达成一种安排：原先合同中的激励只保留一部分，却换来另外三项新合作。
And so, you actually will have a brand new negotiation which will take into consideration not only the incentives you're going to pay on the new volume you get, but also leverage a portion of what might be coming off in the nature of incentives you don't have to pay on the contract which you're sending. So, I'll give you an example. Back in, I think it was the middle of, sometime in 2014, 2015, right, when we started to migrate volume off of our network as it relates to Chase. At that point in time, there was a period of time when we went back to rack rates. In other words, we weren't paying incentives on the volumes there, right? There have been other instances where we've lost portfolios on one side, but won other portfolios, where you kind of leverage your dialogue with the customer to have the benefit of being able to have a continuity which is there. So, you're not always going to see the ramp-up take place in terms of going to rack rates.
因此，谈判会综合考虑新业务量需支付的激励，以及原合同不再支付激励所释放的部分。我举个例子：大概在 2014、2015 年中期，我们开始将 Chase 的部分交易量迁出网络，当时有一段时间我们回到了“标牌费率”（rack rates），也就是不再为这部分量支付激励。也有其他情况是，一边失去组合，一边赢得新组合，通过与客户的沟通实现业务连续性。所以，并不是所有迁出都会立即回到标牌费率。
It also depends, by the way, on the timing, right? Depending on what level of readiness the customer has got from a migration standpoint. So, the customer, at the end of the contract needs, call it a year, a year and a half, two years, right? You might have an opportunity to actually work with the customer to try and see if there are opportunities there as well to either win new portfolios and or potentially go to rack rates. So, I know I'm not giving you the kind of answer you're looking for, which is give me an answer as to whether it's one or the other. It depends, right?
另外，这还取决于时间节点，看客户在迁移方面的准备程度。如果客户在合同结束后需要一年、十八个月或两年才能完成迁移，我们就有机会与其合作，看看是否能赢得新组合，或是转到标牌费率。所以答案并非非此即彼，而是“视情况而定”。
Michael Miebach
And when you look at our relationships, earlier I was referencing in my prepared remarks the term of strategic partnerships and that's exactly how we look at it. It's not just a relationship. So, if we grew with somebody in consumer payments, you know we have a real big focus on commercial new payment flows and this is how we toggle that. It's a long-term view in all cases. And the one other thing I would say is just remind everybody about the virtuous cycle of growth. More the payment volume. It's always in focus for us. It's going to power more data and more data allows us to drive more services. So, that is the other lens that we take when we look at all of this.
正如我在准备好的发言中提到，我们将这些视为“战略合作伙伴关系”，而不仅仅是普通关系。如果我们在消费支付领域与某家公司共同成长，我们同样会把重心放在商用新支付流上，通过这种方式进行切换。无论何时，我们都持长期视角。同时，还要提醒大家注意增长的良性循环：支付量越大，越能产生更多数据，进而促使我们推出更多服务。这也是我们看待所有这些问题的另一重视角。
Operator
运营商
We'll move next to Craig Moore at FT Partners.
接下来我们请 FT Partners 的 Craig Moore 提问。
Unidentified Analyst
未具名分析师
Yes, hi, thanks for taking the questions. Wanted to ask as we look to help investors think about assets that can outperform in a slowing environment, I wanted to ask you guys what you thought were the idiosyncratic pieces of your business that might allow you to perform better than peers or competitors as things slow. What are the unique assets you have that could perform better in a slowing environment versus others? Thanks.
是的，你好，感谢回答问题。当我们帮助投资者思考在经济放缓环境下哪些资产能跑赢时，我想了解你们认为贵公司哪些独特业务要素能使你们在放缓时期表现优于同行或竞争对手。你们拥有哪些独特资产能在放缓环境中胜出？谢谢。
Michael Miebach
迈克尔·梅巴赫
Right, great question. And I want to anchor it on the nature of our highly diversified business. And that is an answer that I would have given you even if you had asked after growth areas in fast-growing environments and not only in slow-growing environments because the diversification helps us both ways. And I think that's important. Clearly, the economic picture isn't always even across the world. So, we keep both of that in mind.
好的，非常好的问题。我想从我们高度多元化业务的本质谈起。即便你问的是高速增长环境中的增长领域，我也会给出同样的答案，因为多元化在两种环境下都对我们有利。我认为这点很重要。显然，全球经济状况并不总是均衡一致，因此我们始终兼顾这两个维度。
Now, another important aspect about our business is having payments and having a secular trend where payments move from cash and checks into digital is an underlying powerful secular trend that continues. And in ups and downs, economic ups and downs, this will continue. In fact, if you look into the commercial space, more and more firms are right now going and pushing digitized payments and particularly card payments because they provide them more data. So, they can use that data to better serve their customers, optimize their processes or improve their working capital usage. So, here's an underlying powerful trend that survives the up and down of the overall economic picture at any given moment as a medium to long-term trend.
另外，我们业务中的一个关键点是支付领域存在从现金和支票向数字化迁移的长期结构性趋势，这股强劲的趋势仍将持续。在经济起伏中，它依旧会延续。事实上，在商用领域，越来越多企业正在推动支付数字化，尤其是卡支付，因为这为他们提供了更多数据，用以更好地服务客户、优化流程或提升营运资金效率。因此，这是一股能在任何宏观波动中持续存在的中长期强劲趋势。
And there's other such trends that we have very specifically targeted for our services solutions. Take cybersecurity. We're in a world where the fraudsters, the scammers, the phishers are using artificial intelligence as much as we do. And this is a constant battle. And our customers are seeing that, financial institutions are seeing that, governments are seeing that. So, if anything, the rise of cybersecurity, the need for cybersecurity measures has increased. So, powerful underlying trend. And then the last thing I should say is all of the, pretty much all of our solutions do one thing for our customers. They provide more data for them to run their business better and make better decisions.
还有一些同样强劲的趋势，我们已针对自家服务解决方案进行精准布局。以网络安全为例，如今诈骗者、钓鱼者利用人工智能的程度与我们不相上下，这是一场持久战。我们的客户、金融机构以及政府都深知这一点，因此对网络安全的需求持续上升。这又是一股强大的底层趋势。最后要说的是，我们几乎所有解决方案都在为客户做一件事：提供更多数据，帮助他们更高效运营并做出更优决策。
数据量随AI的进步正在进入另一个层次的增长。
Now, in a world of up and down cycles, you understand your customer better. You want to understand how you put possibly different solutions out there than you otherwise have. You want to understand how you perform against your competitor with even more rigor than before. And that is where we can help. That's another powerful trend. Cybersecurity, data insights, and the underlying secular opportunity. Those are, in addition to the fact that we are across discretionary, non-discretionary spend, that we are across literally every part of the world, makes this a very, very well-diversified business in challenging economic times, but also in fast-growing times.
在周期起伏的世界里，更深入地了解客户至关重要。你需要思考如何推出或许与以往不同的解决方案，更严格地衡量自己相较竞争对手的表现，而这正是我们能发挥作用的地方。这又是一股强劲趋势：网络安全、数据洞察以及底层结构性机遇。再加上我们覆盖可选与非可选支出、业务遍及全球每个角落，这些因素让我们的业务无论在艰难经济时期还是在高速增长阶段都保持高度多元化。
Operator
运营商
We'll go next to Bryan Keane at Deutsche Bank.
接下来我们请德意志银行的 Bryan Keane 提问。
Bryan Keane
布莱恩·基恩
Yes, good morning. Sachin, I wanted to ask high level, we were at net revenue growth of 16% in the fourth quarter, and we actually increased a point to 17% in the first quarter, despite a little bit of a volume slowdown. Part of that is due to leap years, you said. But the net revenue growth maintained at that high level. And it looks like transaction processing yields in particular jumped a little bit higher. How much, can you help us explain despite volumes going down to make sure we understand the growth that was maintained, or even up-ticked a point into the first quarter? And it doesn't sound like FX vol would be all of it. And then just thinking about going forward into the second quarter, if some of those benefits, volume to revenue and yields will continue. Thanks.
好的，早上好。Sachin，我想从宏观层面提问：我们第四季度的净营收增长率为16%，而在第一季度实际上上升了一个百分点至17%，尽管交易量略有放缓。你提到其中部分原因是闰年的影响。但净营收增速仍维持在这一高水平。看起来交易处理收益率尤其又提高了一些。能否帮我们解释一下，在交易量下降的情况下，净营收增长是如何得以维持，甚至在第一季度还提高了一个百分点？并且听起来外汇波动并不是全部原因。再者，展望第二季度，交易量转化为营收以及收益率的这些有利因素是否会持续？谢谢。
Sachin Mehra
萨钦·梅赫拉
Sure. So, I think you kind of touched upon the answer to the question right there, which is the lift you saw in Q1 was driven by two factors. One is the FX volatility point, which you just raised. I mean, it was volatility levels were actually really high in the first quarter, and that certainly contributed. And then the second was the point I made earlier in the call around our rebates and incentives came in lower than expected in the first quarter, which we expect will happen later in the year, but that's what we kind of saw come through.
好的。我想你已经点出了答案：第一季度的增长由两大因素推动。其一是你刚提到的外汇波动——第一季度的波动水平确实非常高，这显然带来了贡献。其二是我在电话会早些时候提到的，我们第一季度的返利和激励费用低于预期，我们预计这些费用会在今年稍晚回升，但本季度确实呈现较低水平。
The second part of your question as to and remember also that 17% number actually has the impact of acquisitions in there. So you have to actually do it like kind from Q4 to Q1, with and without acquisitions. Then as it relates to your question about Q1 versus Q2, the things to keep in mind out there are, there is a ramp up of the lapping of various wins we had last year, which again, I spoke about. There's lapping of pricing, which is taking place. And the reality is FX vols are really hard to predict, right? I'll tell you in the early part of April you had decently high FX vols. We factored that into our thinking, which we've shared with you.
关于你问题的第二部分，还要记住那17%的数字实际上包含了并购影响。因此在比较第四季度和第一季度时，要分别考量包含和不包含并购的可比口径。至于你问到的第一季度对比第二季度，需要注意几点：去年我们取得的多项客户胜利正在进入同比消化阶段，我之前也提到过；定价因素的同比消化也在进行中。至于外汇波动，确实很难预测。举例来说，四月初的外汇波动就相当高，我们已将其纳入预测并与大家分享。
And then they started to taper off. Now, I don't know if they're going to go up again or come down again. We put our best estimates together and that's how we think about it.
随后这些波动开始减弱。现在我无法确定它们会再次上升还是继续回落。我们根据最佳估计进行建模，这就是我们的思考方式。
Devin Corr
德文·科尔
It's time for one more question, Audra.
Audra，我们还有时间再问一个问题。
Operator
运营商
Thank you. And we'll take that question from Paul Golding at Macquarie.
谢谢。接下来请麦格理的 Paul Golding 提问。
Paul Golding
保罗·戈尔丁
Thanks so much. It seems based on the commentary that there's been added focus on crypto and enabling crypto tools. Just wanted to ask how you're thinking about the economics of incorporating those crypto partnerships. If you're seeing acceleration there and how that may or may not be impacting your relationship with traditional issuers as stable-coin has become a bigger part of the story here in the last couple of quarters. Thanks so much.
非常感谢。根据你们的评论，贵公司似乎更加关注加密货币及其相关工具。我想了解，你们如何看待与加密生态伙伴合作所带来的经济效益？你们是否看到这方面的增速？随着过去几个季度稳定币的重要性上升，这会不会对你们与传统发卡行的关系产生影响？再次感谢。
Michael Miebach
迈克尔·梅巴赫
All right. So this — it’s a very interesting space. And you heard us talk about digital assets and blockchain-based technology for years. We’ve been investing, but it’s also true that it hasn’t been a tremendously big part of our business. We’ve seen the on-ramp and off-ramp part of facilitating investments into crypto assets and selling those investments for some time now. That was a fast-growing business, but the fundamental technology to put to work to optimize payments, for example, is something that’s still relatively nascent. Stable-coins are also relatively nascent. Why is that? Because there isn’t yet sufficient regulatory clarity.
好的，这是一个非常有趣的领域。多年来，你们听我们谈论数字资产和区块链技术，我们也一直在投资。但同样事实是，它尚未成为我们业务中非常庞大的一块。我们已经在为客户提供“上车/下车”通道 —— 也就是购入和出售加密资产 —— 这部分业务增长迅速。但要真正将底层技术用于优化支付等场景，整体仍处于相对早期阶段。稳定币同样如此。原因在于监管仍不够明朗。
Now in the United States, we know there are two bills that are being discussed around this space. In Europe, law-making is going on around this space, so we feel the ecosystem is ready.
目前在美国，有两项相关法案正在讨论；在欧洲，也有立法进程。因此我们认为生态系统正逐步成熟。
We have been engaging with partners in the financial-institution side, to your question, to put out some pilots, particularly in the wholesale space. There are private-sector initiatives on stable-coins. One thing that’s for sure true is if you look at the role that we play today in the traditional card-payment space, we establish safety and security standards. We provide interoperability. You think about a world of stable-coins, so you can start to see there’s a natural role emerging, yet again, for somebody like us who can provide trusted interoperability solutions, safety and security standards, and the need for our services across identity questions, AML, KYC — you name it — across the board. So it’s a space that’s still emerging at this point in time.
正如你问到的，我们已与金融机构伙伴合作，在批发支付等领域进行试点。市场中也出现了多家私营企业的稳定币计划。可以肯定的一点是，在传统卡支付领域，我们的角色是制定安全标准并提供互通网络。如果未来是稳定币的世界，同样需要像我们这样、能够提供可信互操作方案以及安全标准的参与者，还需要我们在身份验证、反洗钱、KYC 等方面的服务。换言之，这仍是一个正在成形的发展领域。
We mentioned our multi-token network. How will the economic model look like at this point in time? Early to say. It has to settle. We have to see how it grows once we have the regulatory clarity. Personally, I’m quite excited about it. Payment innovation is something that the U.S. government has in focus, and many others do as well, and we’re a trusted partner in that space.
我们提到过多代币网络（Multi-Token Network）。它未来的经济模型会是什么样？现在下结论还为时过早，需要等监管落定后再看规模如何扩张。我个人对此非常期待。美国政府以及许多其他地区都在关注支付创新，而我们在这一领域是值得信赖的合作伙伴。
Devin Corr
德文·科尔
The closing comments, Michael?
迈克尔，有什么收尾评论吗？
Michael Miebach
迈克尔·梅巴赫
The closing comment is I’m delighted that Sachin and I are together in one room in New York again. We haven’t had that for a long time, so that’s fantastic. And of course, I do want to thank everybody at Mastercard for all the hard work that you do to produce such a strong quarter. We’re looking into the new year with optimism, into the rest of the year with optimism. I’m going to push on and speak to you in a quarter from now. Thank you very much.
最后我想说，能够再次和 Sachin 一起在纽约同一个会议室里出席发布会让我很高兴，我们已经很久没有这样了，非常棒。当然，我要感谢万事达卡全体员工的努力，让我们取得如此强劲的季度表现。我们对新的一年、对接下来的时间都保持乐观。我会继续努力，并在下一季度与大家再见。非常感谢。
Devin Corr
德文·科尔
Thank you very much.
非常感谢。
Sachin Mehra
萨钦·梅赫拉
Thank you.
谢谢。
Operator
运营商
And 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。感谢各位的参与。您现在可以挂断电话。
热门主题
Related Articles
2024-10-31 Mastercard Incorporated (MA) Q3 2024 Earnings Call Transcript
Mastercard Incorporated (NYSE:MA) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET 万事达卡公司 (纽约证券交易所:MA) 2024 年第三季度收益电话会议 2024 年 10 月 31 日 上午 9:00 ET Company Participants 公司参与者 Devin Corr - Head of Investor Relations 德文·科尔 - 投资者关系负责人 ...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 ...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 ...2025-03-11 Mastercard Incorporated (MA) Presents at Wolfe Research FinTech Forum (Transcript)
Mastercard Incorporated (NYSE:MA) Wolfe Research FinTech Forum March 11, 2025 12:20 PM ET Company Participants Sachin Mehra - Chief Financial Officer Conference Call Participants Darrin Peller - Wolfe Research Darrin Peller Okay, guys, why don't we ...2025-03-18 Mastercard Incorporated (MA) Bank of America Electronic Payments Symposium Conference (Transcript)
Mastercard Incorporated (NYSE:MA) Bank of America Electronic Payments Symposium Conference March 18, 2025 1:50 PM ET Company Participants Craig Vosburg - Chief Services Officer Conference Call Participants Jason Kupferberg - BofA Securities Jason ...