Sure David. Sanjay, thanks for your question. Excluding acquisitions operating expenses grew 7% primarily due to increased spending on advertising and marketing higher personnel costs to support the continued investment in our strategic initiatives and increased data processing costs. So, I look at it as a growth opportunity while we're going to continue to power the cost side of the house.

Geographically, the cross-border recovery has been broad-based with improvement across all regions. Were here to help, Take advantage of todays low rates to save money, consolidate debt, or make home improvements, Learn about home buying steps, customer mortgage solutions, and low down payment options, Save time with our digital tools that help you manage your mortgage account, Learn how a personal loan can help you with funds for life events like graduations and weddings, adoption and fertility, or other needs, Use a personal loan to pay for home renovations and repairs, Pay for new appliances, car repairs, medical expenses, and more, Combine your higher-interest debt into one manageable payment, Sign in to make payments, view statements, set up alerts, and more, New and used vehicle financing through your dealer, Use online banking to manage your auto loan, Accounts and services that help make it easier to manage your money, Tips to help build your credit and manage your debt. Information about the factors that could affect future performance are summarized at the end of the earnings release and in our recent SEC filings. So now taking all of this into account, we continue to expect net revenues for full year 2022 to grow at the high end of a high teens rate on a currency-neutral basis, excluding acquisitions and special items. These revenues were above expectation primarily due to stronger-than-expected cross-border and domestic volumes favorable cross-border mix and FX-related revenues.

Our open banking and multi-rail strategies are converging enabling us to leverage our unique set of assets to address new flows in verticals, like rent payments. Mastercard is a global technology company in the payments industry.

American will continue to leverage our capabilities including SessionM and will participate in our Staff cast program to identify in tech partners who can help drive innovation across the airline. For the best Barrons.com experience, please update to a modern browser. I want to share our thoughts on the remainder of 2022. Now the kind of flow that PIX is going after, you see a lot of P2P flows and some B2B flows, so that's not necessarily anything that we're particularly worried about but it's also the kind of flows as part of our multi-rail strategy that we like to support ourselves and we have a whole set of technologies for that. So we built in some assumptions and that's what we've kind of given you in our overall thoughts. Michael, Sachin, I want to ask about cross-border travel very strong recovery here. I also like to point out that in the first quarter the suspension of business operations in Russia had a minimal impact to the overall growth rate of the company as the loss of volume was offset by a onetime benefit of lower rebates and incentives due to the absence of a customer incentive agreement renewal in Russia. We've seen increased customer demand and a growing portfolio of successful engagements in these areas. Could you help us clarify the revenue and expense impact for the going forward quarters like the second quarter, third and fourth this year?

Here are a few examples. Investment products and services are offered through Wells Fargo Advisors. We did not take this decision lightly, given that Mastercard has operated in Russia for more than 25 years. And so does that change the ecosystem at all, or is card-based really, how you expect to see cross-border players stay really dominant for payments cross-border over time? That's a space where a counter-account solutions make sense for us to hold. Thanks so much. Unusually high volatility does help us. When they can get out and spend in a physical environment, they do that, when they can't spend in a card-not-present environment, they do that.

priceless icrossing Please proceed with question.

Please proceed with your question.

Welcome to the First Quarter 2022 Mastercard Earnings Conference Call. But what we are seeing is in terms of the impact on vertical mix and so forth. And with that, we'll see you next quarter.

The four ppt difference is primarily due to unreported volumes from Russian-related sanction customers and a favorable mix. Foreign exchange is expected to be a tailwind of approximately three to four ppt for the quarter. We've built in our expectations in terms of the revenue guidance I've shared with you our thoughts around how that trend takes place. To receive investor email alerts, please enter your email address and select at least one alert option. Just I know it's still a volatile time which is sort of three weeks into the next quarter. And Sachin, just a follow-up for you. In addition, we recently joined forces with Microsoft and a collaboration to improve digital transaction approval rates and reduce fraud. In fact, I would argue that, the outbound China was slightly higher than the inbound China. behavior strange programmatically trying views So everything we kind of talked about and Michael talked about earlier on in this conversation was about our expanding relationships with these issuers. Thank you, Jameria. We're very well established on with the large banks out there Itau and others to mention.

You're already at 110% in April. And then, the second question is just what level of cross-border recovery are you assuming in the guidance for 2022? Russia was a fast-growing market. And we've always said, it's going to happen this year and we're ready for that. Good morning. Making substantial progress in each of these areas. But Brazil is also a market where you've got a local network like PIX, gaining a lot of traction.

Cross-border volume was up 53% globally for the quarter with intra-Europe cross-border volumes up 50% and other third quarter volumes up 56%, reflecting continued improvement in travel-related cross-border.

Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. Cross-border travel is recovering rapidly as border restrictions ease. For rent payments, the risk of ACH returns due to insufficient funds is a significant pain point in both renters and landlords. Weighing against this healthy backdrop are a number of factors that they are monitoring, including inflationary pressures, supply chain constraints geopolitical uncertainties and COVID with infection rates. All that will continue.

We're saying what other payment volumes happening cross-border that we can contribute to with our technology through our franchise and so forth. First, we're expanding in payments by continuing to grow card payments and leaning into innovation and new payment technologies to catch-up other prioritized payment flows. Just a thought for me, here we're thinking that we're going to get out of Omicron and then a few days later we have an invasion in Europe. 1999 - 2022 Wells Fargo.

Third, preparing our core network to directly support digital currencies. Deutsche Bank's $10 million consumer and commercial credit and debit cards will be reissued as Mastercard-branded cards with a credit migration starting in quarter four of this year and the debit migration commencing early next year. Switched transactions grew 22% year-over-year in Q1 and were at 150% of 2019 levels. Need help? Is there a scenario where, even if let's say China and other parts of Asia don't come back meaningfully, you can still kind of get back to this like normalized 30% to 40% kind of levels above 2019 which is depend with the run rate pre-pandemic? Good morning, everyone. The increase in net revenue of 27% was primarily driven by domestic and cross-border transaction and volume growth as well as growth in services partially offset by growth in rebates and incentives. Android, Chrome, Google Pay, Google Pixel, Google Play, Wear OS by Google, and the Google Logo are trademarks of Google LLC. I mean this is one of those things where I guess as Michael jokes with me "Sachin you wouldn't be doing the job if you knew where volatility was going on a forward basis for foreign exchange." privileges benefits Because remember, these growth rates are all influenced by prior comps as well. One you asked the question about the strong growth. Switch transactions grew 14% year-over-year through the first three weeks of April down eight ppt from Q1 again driven primarily by the absence of Russia-related transactions. In Europe, our consulting teams are engaging with our partners at Santander, NatWest and Deutsche Bank to ensure a smooth and timely transition and to identify opportunities to optimize those portfolios. I was hoping to shine a spotlight on LatAm, specifically Brazil. On the macroeconomic front, consumer spending remains strong, particularly as economies across the globe continue to reopen and pandemic-related restrictions are lifted. I would tell you that, the top 20 destinations which represented approximately 70% of our total cross-border travel pre-pandemic, and we're at 70% of 2019 levels when we discussed this at our Investor Community Meeting, are now at 85% in Q1 of 2022. According to our quarter one spending pulse report, which is based on all payment types, including cash and check, US retail sales ex-auto, ex-gas were up 4.7% versus a year ago.

This reflects closely strong consumer spending, including continued improvement in cross-border travel spending relative to 2019.

Operating expenses increased 13% including a six ppt increase from acquisitions. mastercard Let me start by saying that our business fundamentals remain strong, as we continue to grow our customer relationships and expand our product and service offerings. This concludes today's conference call. I was wondering if you could give us your latest view on what the kind of longer-term post-pandemic payment [Indiscernible]. Thank you, very much. Other items to keep in mind, on the other income and expense line, we are at an expense run rate of approximately $115 million per quarter given the prevailing interest rates and our recent debt issuance. We are well-positioned to capitalize on this growth with our travel-oriented portfolios.

So first on your question on cross-border, you're absolutely right. mastercard Let's look at this from a geographic standpoint.

And the cross-border issuing out of Russia was mostly higher yielding into regional cross-border issuing. Wells Fargo will now issue Mastercard small business credit cards and for the first time in almost a decade, consumer proprietary and co-brand credit products. I'm just trying to get a better sense especially in the short term with all the migrations in and out where you stand in the share gains. It was really good to see the strong operating margin expansion in the quarter 460 basis points. we do not recommend using this feature on a shared device. And we in terms of how we're thinking about our guidance, we've kind of built in that improving recovery in cross-border travel on a going-forward basis as well. Beyond expanding in payments and extending and services, our third key priority area is embracing new networks. Good morning. Yes we will lose the volumes and transactions. Overall cross-border volumes through the first three weeks of April grew 60% year-over-year up seven ppt versus Q1. Good morning. Having said this, we are monitoring a number of factors, including inflationary pressures, supply chain constraints, geopolitical uncertainties and COVID infection rates. On the consumer and small business front, I'm excited to announce an enhanced partnership with Wells Fargo which includes several new elements. Right. I'll put that out there in the first place.

The partnership establishes Mastercard as Galileo preferred partner across several markets in Latin America and they will work to integrate and distribute several of our products and services to help their fintech customers.

With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. Labor markets are firm, with low unemployment rates and rising wages. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Wells Fargo helps strengthen communities through diversity, equity, and inclusion, economic empowerment, and sustainability. The Asia Pacific opportunity as I see this is as follows: Asia Pacific represented approximately 14% of total inbound cross-border travel volumes pre-pandemic and we're at 40% of our 2019 levels in Q1. Turning to co-brands, we've made substantial progress to ensure we are well positioned to capitalize on the return of travel.

Net income was up 61%, which includes a 20 ppt benefit due to the recognition of a one-time discrete tax benefit related to a US tax regulation published in the current period and a one ppt decrease from acquisitions. We have leaned in. Thanks.

When we talk about Russia revenues, there are a few things from a Russia revenue standpoint which you might want to take into consideration one of which relates to the fact that Services was well penetrated in the Russia and Ukraine markets and had strong growth. Growth in Latin America continues to moderate, following a strong rebound in 2021. Can we get a directional rebates and incentives just for the rest of the year? So Dan, there's nothing fundamentally which is really changing as it relates to our debit business. Thanks, Harshita. The full ppt difference is primarily due to favorable mix as higher-yielding ex-intra Europe cross-border volumes grew faster than intra-Europe cross-border volumes this quarter. And the competitor is likely actually getting the benefit of that. After submitting your request, you will receive an activation email. Ramsey let me start off on that. Your next question will come from the line of Dan Dolev for Mizuho. Given these extraordinary circumstances, we decided to suspend our business operations in Russia. Please proceed with your question. Our final question will come from the line of Jason Kupferberg with Bank of America. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. If this would continue, it would result in a headwind of approximately two ppt to our net revenue CAGR.

We're not sharing a specific number for what that looks like in the second quarter or the end of the year. Now that the transaction is closed, we will combine Dynamic Yield personalization platform and decision engine within our SessionM loyalty platform and our test-and-learn experimentation software. Your next question will come from the line of Bryan Keane with Deutsche Bank.

Our Openbit [ph] Mastercard installment program has been very well received and is progressing according to plan. Get fraud prevention tips.

And in Latin America we signed a regional partnership with global payment processing platform Galileo. This copy is for your personal, non-commercial use only. One point to emphasize is cross-border travel is now above pre-pandemic levels at 110% of 2019 levels. You are leaving wellsfargo.com and entering a website that Wells Fargo does not control. Obviously, it does matter in terms of how restrictions are lifted in that market. All rights reserved. So the bottom line is the following which is whether it's Wells, Capital One, what we're doing with Santander and NatWest, Deutsche -- you name it the GAAP portfolio all of these incrementally are helping us drive our volumes.

[Operator Instructions]. We're seeing some shifts in the airline. And I'll just add Michael a couple of thoughts on Brazil. Acquisitions contributed two ppt to this group. Thank you, Warren. And what was happening in the COVID environment last year, which might have caused for elevated levels of cross-border card-not-present ex-travel. Q2 2022 Mastercard Inc. Earnings Conference Call, PDF Format Download (opens in new window), Audio Format Download (opens in new window), Video Format Download (opens in new window). Yes that might be but that's not something we can tell yet. The point at an up level is the following, which is, the consumer continues to spend in an omnichannel manner. Please proceed with your questions. Your next question will come from the line of Tien-Tsin Huang with JPMorgan. It's going to go back to services and it's going to balance out. Please disable your ad-blocker and refresh.

Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website. So, a lot of movement there. US retail spending remains healthy, aided in part by the buildup of excess savings during the pandemic. In the first three weeks of April, cross-border travel was up 179% year-over-year up 38 ppt versus Q1.

This quarter the Gemini Mastercard, which offers crypto rewards went live across the US. So fundamentally there are sound trends here. For example, we deployed our Test & Learn capabilities to help tailored brands, optimize retail operations and improve marketing efficiency for the leading menswear brands. And with that, I will turn the call back over to Warren. So that will continue. The message I'd like to leave you with on this is the following: We continue to run the business for long-term sustainable growth, which means effectively that we're going to continue to invest in a disciplined manner to ensure that we are creating the right opportunities for ourselves to deliver this long-term top line growth. With respect to card counts, as a result of the suspension of our business operations in Russia, cards issued by Russian banks are no longer active on our network and are therefore excluded from our card counts this quarter. And historically it's been very high pass-through without rebates incentives, I think as I have a correlation.

The outlook from a going forward standpoint is really hard to say. -, UBS Adjusts Mastercard Price Target to $472 From $468, Maintains Buy Rating, JPMorgan Lowers Mastercard's Price Target to $408 From $425, Maintains Overweight Rating, Goldman Sachs Raises Mastercard's Price Target to $465 From $443, Maintains Buy Rating, Interim 2023 Earnings Release (Projected), RBC Capital Markets Financial Technology Conference, JPMorgan Global Technology, Media & Communications Conference, Morgan Stanley Sustainable Futures Conference, MoffettNathanson Payments, Processors and IT Services Summit, Mastercard profit jumps in second quarter. Andrew, excellent questions.



Thanks guys. Please proceed with your question. Just a couple of quick clarifications. speedy But to give you a little bit more color right on cross-border. Your next question will come from the line of Lisa Ellis with MoffettNathanson. Thanks for taking my question. I know the data suggests the consumer remains in good shape as we look across trends in the vertical as such. Can you just comment on kind of puts and takes there and what the long-term growth trajectory is for value-added services? In addition to driving new wins, we are leveraging our services capabilities to execute against many of the large portfolio migrations that are in flight.

And so, we've assumed that that 4% doesn't exist in any of the quarters going forward, from a net revenue standpoint, right? First, helping consumers easily and safely purchase cryptocurrencies and NFTs. Investor Relations: Jud Staniar,investor.relations@mastercard.com, 914-249-4565 Excluding Russia from the current and prior periods cross-border volumes through the same period grew 65% year-over-year up 13 pp versus Q1. Because there's so much pent-up demand, or does Asia and China need to come back for the next like cross-border recovery?

From an operating expense standpoint, we expect Q2 operating expenses to grow at a high single-digit rate versus a year ago on a currency-neutral basis, excluding acquisitions and special items. An error has occurred, please try again later. Good morning and thanks for taking my question guys. In the US, GDV increased by 14% with credit growth of 31% and debit growth of 1%, reflecting the recovery of credit spending on travel and the lapping of stimulus. Members of the senior management team will provide updates on the companys strategy, products and business initiatives at that time. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. Thanks. There's a high degree of contactless penetration. I mean fundamentally, where I stand on this is the push by consumers into the digital space.

Please proceed with your question. All right. This is occurring faster than our earlier expectations.

So on the inflation side, as Sachin mentioned earlier, we have not seen anything yet in terms of changing consumer spending behaviors. Overall, it's a market that drives a lot of innovation. For your security, we do not recommend using this feature on a shared device. I think in the end, it's going to be multiplicity around these different tools.

To register for the event and access a live webcast of the meeting, please visit investor.mastercard.com. This copy is for your personal, non-commercial use only. So what's your updated assumption on that? This is something we've been talking about right through the pandemic, where we felt like when restrictions are eased volumes in cross-border will come back. These are attractive and growing opportunities and we are uniquely positioned to be successful in both. Jason, as I mentioned we're assuming improving trends vis--vis compared to 2019 as we go forward. And Tien-Tsin, I should add, I'm very happy to ask the question. We're helping Wirex explore innovations in crypto. So certainly cross-border recovery is playing into the recovery in operating margins but it's not just about cross-border. We remain focused on building long-term sustainable growth for the company. There has been a 1% increase in our switched volume that's related to gas price increases. appraisals gerry jewellery mastercard On the crypto services front, MercadoLibre will be leveraging psychotraces AI and cyber capabilities to bring security and trust to their digital wallet in Brazil. And we continue to build solutions to support the crypto economy with a principled approach focused on three key areas. I mean, do you see a different longer-term mix of debit versus credit or any associated impacts to P&Ls or yields or anything that we consider as we model out in the long-term. And again, like I said in my prepared remarks, there's some level of headwind which we're assuming in Ukraine as well.

Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance.

Open banking is on the rise, real-time payments is on the rise.

Right. I would now like to hand the conference over to your speaker today Mr. Warren Kneeshaw, Head of Investor Relations. In terms of operating expenses, we are reducing our forecast for the year to reflect cost savings related to Russia. It's earned relationship by relationship.

Moving to page 7. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. We also partner with Nexo to launch a new crypto card in Europe, one that uses consumers' digital assets as collateral to back their credit line. Remember Mastercard installment is built into our network making by Buy Now Pay Later available to millions of consumers and merchants worldwide. And strategically, so Darrin here's what I'd say is similar lens that we took at Investor Day where we looked at different universes and different use cases. Hi. We also continue to extend our services across multiple growth vectors through new payment platform capabilities, new verticals and new use cases. Finally, rebates and incentives were up 30% reflecting the strong growth in volumes and transactions and new and renewed deal activity. And as we mentioned at the Investor Community Day, we are growing market share across all regions and the market share growth which we've seen in 16 of our top 20 markets which is something we shared with you at the Investor Community Day is really the data points we put out so far. Globally, the 2.9 billion Mastercard and Maestro-branded cards issued. The solution enables issuers to optimize authorization decisions using network and merchant-specific authentication data. Cross-border travel has actually come back stronger than our expectations and there continues to be pent-up demand. We are now focused on the orderly suspension of business operations in Russia and supporting the well-being of our employees and their families across the whole region. Even in the context of this challenging geopolitical environment, we're off to a strong start in 2022.

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