Now turning to our second strategic priority services, as I've noted before, our services support and differentiate our core products and have played a critical role enabling many of the wins I mentioned. Communications: Seth Eisen, seth.eisen@mastercard.com, 914-249-3153. So the conversion rates and the approval rates have continuously increased. It's all of that. Overall cross-border volumes through the first three weeks of April grew 60% year-over-year up seven ppt versus Q1. They learn these habits they're online. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.wsj.com/articles/mastercard-incorporated-second-quarter-2022-financial-results-available-on-company-s-website-01659010096. It's about overall strong consumer spending and cross-border travel recovery all of, which is contributing to the delivery of improved operating margins. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The point at an up level is the following, which is, the consumer continues to spend in an omnichannel manner. Similarly our team in the US is supporting key migrations including Gap Inc., Merrick Bank, and First Interstate Bank. 
Investment products and services are offered through Wells Fargo Advisors. Please proceed with your questions. And the key focus is on cyber solutions on one hand and data analytics and inside solutions. 
Finally, rebates and incentives were up 30% reflecting the strong growth in volumes and transactions and new and renewed deal activity. 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. Turning to page 3, which shows our financial performance for the quarter on a currency-neutral basis excluding special items and the impact of gains and losses on our equity investments. One the both China both from an inbound and an outbound standpoint where not a very significant portion of our cross-border volumes pre-pandemic. Terrific. In addition, we've worked hard to expand our travel-oriented portfolios which positions us well to capitalize on a strong recovery in cross-border travel. You must click the activation link in the email in order to complete your subscription. So, a lot of movement there. In the first three weeks of April, cross-border travel was up 179% year-over-year up 38 ppt versus Q1. 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. Asia has generally lagged the recovery of other regions. 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. We did not take this decision lightly, given that Mastercard has operated in Russia for more than 25 years. So when you think about recovery you've also got to think about what restrictions are there in terms of people going into countries versus people coming out of countries. US retail spending remains healthy, aided in part by the buildup of excess savings during the pandemic. Outside of travel we've expanded our relationships with leading retailers including a new co-brand program with Victoria's Secret and a renewal of our Ulta Beauty co-brand offering both in partnership with Red Financial. Cross-border travel reached 2019 levels as of March for the first time since the pandemic began. These solutions use Finicity's open banking capabilities to recommend the optimal payment day and payment rail for each transaction based on cost, speed and risk. 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. 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. Member FDIC. In Europe, spending trends are positive, although the invasion of Ukraine has introduced risks to economic growth looking ahead. So first of all, just to be clear, I mean should we still expect that to be the case, or is there anything around the new business the relationships that Michael you mentioned earlier, that would cause that growth yield, I guess we can say our net yield to be a little bit different going forward on this type of big pickup in resumption and spending on travel. So George, I called it out because Q1 had unusually high foreign exchange volatility. 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. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis, unless otherwise noted. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Sanjay, thanks for your question. 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. Please proceed with your question. Thank you. At this time, all participants are in a listen-only mode. Thank you, very much. 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. It has no average ticket size which I kind of mentioned earlier. Wells Fargo helps strengthen communities through diversity, equity, and inclusion, economic empowerment, and sustainability. So for our teams, it's around the world it continues to be a never-ending marathon. And I just want to extend the thanks to everybody in the Mastercard team. We're helping Wirex explore innovations in crypto. We've seen increased customer demand and a growing portfolio of successful engagements in these areas. So think I mentioned to you on rebates and incentives is the following which is, we have a rich pipeline of deals. Helping that even further is the good new strength in our services and everything we're doing along those parts. Again, that's a significant opportunity for us. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. So it's not a structural feature of the years to come that it's all in goods. 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. 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. Wells Fargo Social Media links start here. After the speaker presentation, there will be a question-and-answer session. We continue to enhance our capabilities at the mortgage vertical and are now expanding into the auto lending vertical. It is only then that the queue will open for questions. Great. So certainly cross-border recovery is playing into the recovery in operating margins but it's not just about cross-border. Maybe you could talk about that? 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. Given these extraordinary circumstances, we decided to suspend our business operations in Russia. So that will continue. As you know we love our services business. So, first, I'll take your question on Russia and what we're assuming. About Mastercard Incorporated (NYSE: MA), www.mastercard.com And we established several other international cryptocard partnerships including banks in Europe and Abra, Invesco and Bello in Latin America. Hi. Is this happening to you frequently? And while we do that you should see the impact of that come through in terms of operating margins. This comes back to the structural trend by the way. All that will continue. Card-present growth was aided in part by increases in contactless penetration in several regions. 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. So we built in some assumptions and that's what we've kind of given you in our overall thoughts. So, accordingly card growth was lower at 4% this quarter. Yes that might be but that's not something we can tell yet. In the digital identity space, Ekata continued its strong performance in quarter one, securing deals with financial services companies including MoneyLine and several leading Buy Now Pay Later providers. All the migrations are on track with Gap Inc. scheduled to be completed this summer. Of note Russia has a relatively low average ticket size which results in a larger relative impact to this metric. Our current focus is on two areas: open banking and digital identity. So, I look at it as a growth opportunity while we're going to continue to power the cost side of the house. A replay of this call will be posted on our website for 30 days. Clearly, it's a combination of the macro environment, but it's also the fact that we've been leaning in pretty heavily with our traditional issuers as well as our fintech partners in that space which has been part of the reason why we've been seeing some of that growth come through in a decent manner, Lisa. In this quarter, we announced several merchant partners who are excited to support MasterCard installments including Bass Pro Shops and Cabela's, H&R Block, Saks Fifth Avenue and Walgreens. Having said this, we are off to a strong start in 2022 with the recovery of cross-border travel ahead of expectations, as I previously mentioned. For the first time since the onset of the pandemic, cross-border volume was above 2019 levels for all regions and cross-border travel was above 2019 levels for the first time in March. 
Cross-border card-not-present excluding travel was up 5% year-over-year in April, a decrease of 8 ppt compared to Q1, reflecting in part the lapping of a strong comparable period a year ago. Acquisitions contributed two ppt to this group. On the consumer and small business front, I'm excited to announce an enhanced partnership with Wells Fargo which includes several new elements. All rights reserved. We also saw strong growth in travel and entertainment including spending with airlines, travel agencies, lodging and restaurants. 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. I'll take the first part and then Michael will address your second question. The industry and we very specifically with our services propositions have found a way to ensure that the risks associated with these cross-border transactions for merchants and for consumers are addressed. Okay. Next question will come from the line of David Togut with Evercore ISI. So net-net as I said back and I think about this I think about the fundamentals of cross-border being strong. Right. ET today, the company will host a conference call to discuss these financial results. The second point I'd make tying back to Michael's comments around PICCs [ph], the market has to be bifurcated in the context of both debit and credit. I'll put that out there in the first place. Number one, what's the pace of recovery on cross-border travel is going to be. Please proceed with your question. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. For example, we deployed our Test & Learn capabilities to help tailored brands, optimize retail operations and improve marketing efficiency for the leading menswear brands. Our thoughts are with them and the people of Ukraine. And so, these three factors are kind of things you've got to take into consideration. Thank you. We continue to add a wide array of new lender and fintech partners including Amount, Deserve, i2c, Lithic and Southern Bank. An account that helps you spend only what you have in it, Many discounts and benefits are included with this interest-bearing account, Our most popular account for managing day-to-day financial needs, An interest-bearing account with our premier level of relationship banking benefits, Account options ideal for teens and students, Provide a guaranteed rate of return, even during uncertain times, A good way to start your children on the road to financial success, Looking to buy a house or getting ready to make an offer? Now where we're actively looking in our -- it tends to participate in all relevant payment flows. If I look at U.S. trends debit versus your competitor, I mean, over the last few quarters, I'm seeing downward trend in your share of the mix in debit and this picture in credit, is there anything to call out there? Net revenue was up 27% reflecting the continued execution of our strategy and the ongoing recovery in spending. I thought these news was just going to pass by with none of you asking about it, so it's much appreciated. Just a quick one, so just in terms of your expectation for cross-border travel relative to 2019 levels, last quarter you were expecting to be at 100% by the end of this year. You are leaving wellsfargo.com and entering a website that Wells Fargo does not control. So, that's probably the reason you're seeing some of the divergence. Are you seeing anything that sort of is seeing some kind of negative impact on consumer spending patterns as a result of inflation? It's a margin increase here. Cross-border card not present ex-travel continues to be strong. And I'll just add Michael a couple of thoughts on Brazil. In terms of cross-border where the growth was particularly strong the recovery continued this quarter led by travel. We're driving growth in comp payments through new consumer, small business, co-brand and fintech wins. You can see that on a currency-neutral basis total operating expenses increased 13% including a six ppt impact from acquisitions. Here are a few examples. But to give you a little bit more color right on cross-border. Get fraud prevention tips. Can you discuss some of the underlying drivers outside of the return of cross-border and how sustainable you believe in upper 50% operating margin is going forward? Please proceed with your question. Thanks. There's been so much change. Mastercard is a global technology company in the payments industry. Looking quickly at the individual revenue line items. So there's a whole thing going on. Please proceed with your question. And the last point I'll make on rebate and incentive is, in Q1 we had this onetime benefit relating to the non-renewal of our Russian customer agreement which you should not expect the benefit of that to come through on a going-forward basis. Your next question will come from the line of Ramsey El-Assal with Barclays. 
I wanted to check in on the call it balance of trade and this whole card volume coming in and out from wins and losses migrating. 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. And again, the Asia Pacific region still remains a fairly large opportunity on a going forward basis. Please disable your ad-blocker and refresh. 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. There has been a 1% increase in our switched volume that's related to gas price increases. Right. If I can just build on that, we love cross-border. 
Third, preparing our core network to directly support digital currencies. 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 have specifically called out for you at the Investor Day the focus on remittances. So I think what we're bringing here is the multilateral network idea into this space that has been historically inefficient. So we have suspended operations in Russia, as a result of which we're not earning any revenues related to Russian issued cards. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts. You got the P2M world where card is well established domestically but also certainly cross-border. Buy in-store pickup have delivered, do it the other way around whatever works. Investor Relations: Jud Staniar,investor.relations@mastercard.com, 914-249-4565 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). Geographically, the cross-border recovery has been broad-based with improvement across all regions. Anything digital more of, number two. Growth rates obviously are impacted by comps. For your security, we do not recommend using this feature on a shared device. We're partnering with BCA Digital, the digital banking arm of the largest private bank in Indonesia to launch a digital-first Mastercard debit product catering to millennials. So let me take that. So, essentially, we are maintaining our growth expectations in the same range as the strong cross-border travel recovery and strength in consumer spending helped mitigate the loss of sizable revenues in Russia and Ukraine. Operating expenses increased 13% including a six ppt increase from acquisitions. Turning to Page 9. Your next question will come from the line of Rayna Kumar with UBS. You may now disconnect. 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. So the structural changes that we are seeing that we've been observing with our regular consumer engagement surveys over the last two years and that have transpired with our customers as well is less cash and checks, number one. We're also expanding in payments by leading entertainment innovation in areas like installments and cryptocurrencies. In terms of operating expenses, we are reducing our forecast for the year to reflect cost savings related to Russia. First is, consumers are really ready to move on with the pandemic. And the competitor is likely actually getting the benefit of that. Please proceed with your question. Cross-border travel has actually come back stronger than our expectations and there continues to be pent-up demand. Thanks, Harshita. Good morning and thanks for taking my question guys. [Operator Instructions] Your first question will come from the line of Sanjay Sakhrani with KBW. It's going to go back to services and it's going to balance out. And even you guys are trying to work through opportunities for more A to A [ph] and open banking opportunities across globally. 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. 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. Actual performance could differ materially from these forward-looking statements. Yes. I mean fundamentally, where I stand on this is the push by consumers into the digital space. Information about the factors that could affect future performance are summarized at the end of the earnings release and in our recent SEC filings. Second, we announced that we're expanding our consulting services into three new practices dedicated to open banking and open data, crypto and digital currencies and ESG. But we're not seeing fundamentally much change in that regard. And what the recovery of cross-border is going to be. On the macroeconomic front, consumer spending remains strong, particularly as economies across the globe continue to reopen and pandemic-related restrictions are lifted. 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. Of note, data related to sanctioned Russian banks was not reported to us and hence such amounts are not included in Q1 2022. This copy is for your personal, non-commercial use only. Labor markets are firm, with low unemployment rates and rising wages. See how we help protect you. 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. So it's everything which we are doing in terms of driving the fundamentals of our business back to the strategic priorities Michael was talking about, which is growing our payments keeping on leaning in on services and then continue to invest in the new network space which is really important. 
So there isn't much of a problem to be resolved to payment for payments for goods on a cross-border basis. 
Good morning. Overall, it's a market that drives a lot of innovation. But while we love the trends, it's a lot of hard work. At this stage, we have not seen any significant impact of these and consumer spending. So, let's turn to page four where you can see the operational metrics for the first quarter. Having said this, we are monitoring a number of factors, including inflationary pressures, supply chain constraints, geopolitical uncertainties and COVID infection rates. 
To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Just trying to quantify that. Your next question will come from the line of Lisa Ellis with MoffettNathanson. Mastercard Incorporated (NYSE:MA) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET, Warren Kneeshaw - Head of Investor Relations, Michael Miebach - Chief Executive Officer, Good day and thank you for standing by. Mastercard Incorporated (NYSE: MA) today announced its second quarter 2022 financial results through an earnings release available on the company's Investor Relations website at investor.mastercard.com. 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. And historically it's been very high pass-through without rebates incentives, I think as I have a correlation. And Sachin, just a follow-up for you. We're also excited to announce that we have deepened our relationship with our long-standing partner, Capital One. Michael, Sachin, I want to ask about cross-border travel very strong recovery here. What is monetary fiscal policy and then there is the micro aspects of the different verticals which ones of those are carded which ones we would see which ones we wouldn't see. 
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. I was wondering if you could give us your latest view on what the kind of longer-term post-pandemic payment [Indiscernible]. Globally, the 2.9 billion Mastercard and Maestro-branded cards issued. Russia was a fast-growing market. Sure, Bryan. And with that, I will turn the call back over to Warren. Moving to page 7. The remaining growth was driven by our Cyber & Intelligence and Data & Services solutions. That's kind of point number one. Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries.
Investment products and services are offered through Wells Fargo Advisors. Please proceed with your questions. And the key focus is on cyber solutions on one hand and data analytics and inside solutions. Finally, rebates and incentives were up 30% reflecting the strong growth in volumes and transactions and new and renewed deal activity. 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. Turning to page 3, which shows our financial performance for the quarter on a currency-neutral basis excluding special items and the impact of gains and losses on our equity investments. One the both China both from an inbound and an outbound standpoint where not a very significant portion of our cross-border volumes pre-pandemic. Terrific. In addition, we've worked hard to expand our travel-oriented portfolios which positions us well to capitalize on a strong recovery in cross-border travel. You must click the activation link in the email in order to complete your subscription. So, a lot of movement there. In the first three weeks of April, cross-border travel was up 179% year-over-year up 38 ppt versus Q1. 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. Asia has generally lagged the recovery of other regions. 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. We did not take this decision lightly, given that Mastercard has operated in Russia for more than 25 years. So when you think about recovery you've also got to think about what restrictions are there in terms of people going into countries versus people coming out of countries. US retail spending remains healthy, aided in part by the buildup of excess savings during the pandemic. Outside of travel we've expanded our relationships with leading retailers including a new co-brand program with Victoria's Secret and a renewal of our Ulta Beauty co-brand offering both in partnership with Red Financial. Cross-border travel reached 2019 levels as of March for the first time since the pandemic began. These solutions use Finicity's open banking capabilities to recommend the optimal payment day and payment rail for each transaction based on cost, speed and risk. 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. 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. Member FDIC. In Europe, spending trends are positive, although the invasion of Ukraine has introduced risks to economic growth looking ahead. So first of all, just to be clear, I mean should we still expect that to be the case, or is there anything around the new business the relationships that Michael you mentioned earlier, that would cause that growth yield, I guess we can say our net yield to be a little bit different going forward on this type of big pickup in resumption and spending on travel. So George, I called it out because Q1 had unusually high foreign exchange volatility. 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. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis, unless otherwise noted. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Sanjay, thanks for your question. 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. Please proceed with your question. Thank you. At this time, all participants are in a listen-only mode. Thank you, very much. 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. It has no average ticket size which I kind of mentioned earlier. Wells Fargo helps strengthen communities through diversity, equity, and inclusion, economic empowerment, and sustainability. So for our teams, it's around the world it continues to be a never-ending marathon. And I just want to extend the thanks to everybody in the Mastercard team. We're helping Wirex explore innovations in crypto. We've seen increased customer demand and a growing portfolio of successful engagements in these areas. So think I mentioned to you on rebates and incentives is the following which is, we have a rich pipeline of deals. Helping that even further is the good new strength in our services and everything we're doing along those parts. Again, that's a significant opportunity for us. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. So it's not a structural feature of the years to come that it's all in goods. 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. 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. Wells Fargo Social Media links start here. After the speaker presentation, there will be a question-and-answer session. We continue to enhance our capabilities at the mortgage vertical and are now expanding into the auto lending vertical. It is only then that the queue will open for questions. Great. So certainly cross-border recovery is playing into the recovery in operating margins but it's not just about cross-border. Maybe you could talk about that? 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. Given these extraordinary circumstances, we decided to suspend our business operations in Russia. So that will continue. As you know we love our services business. So, first, I'll take your question on Russia and what we're assuming. About Mastercard Incorporated (NYSE: MA), www.mastercard.com And we established several other international cryptocard partnerships including banks in Europe and Abra, Invesco and Bello in Latin America. Hi. Is this happening to you frequently? And while we do that you should see the impact of that come through in terms of operating margins. This comes back to the structural trend by the way. All that will continue. Card-present growth was aided in part by increases in contactless penetration in several regions. 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. So we built in some assumptions and that's what we've kind of given you in our overall thoughts. So, accordingly card growth was lower at 4% this quarter. Yes that might be but that's not something we can tell yet. In the digital identity space, Ekata continued its strong performance in quarter one, securing deals with financial services companies including MoneyLine and several leading Buy Now Pay Later providers. All the migrations are on track with Gap Inc. scheduled to be completed this summer. Of note Russia has a relatively low average ticket size which results in a larger relative impact to this metric. Our current focus is on two areas: open banking and digital identity. So, I look at it as a growth opportunity while we're going to continue to power the cost side of the house. A replay of this call will be posted on our website for 30 days. Clearly, it's a combination of the macro environment, but it's also the fact that we've been leaning in pretty heavily with our traditional issuers as well as our fintech partners in that space which has been part of the reason why we've been seeing some of that growth come through in a decent manner, Lisa. In this quarter, we announced several merchant partners who are excited to support MasterCard installments including Bass Pro Shops and Cabela's, H&R Block, Saks Fifth Avenue and Walgreens. Having said this, we are off to a strong start in 2022 with the recovery of cross-border travel ahead of expectations, as I previously mentioned. For the first time since the onset of the pandemic, cross-border volume was above 2019 levels for all regions and cross-border travel was above 2019 levels for the first time in March. Cross-border card-not-present excluding travel was up 5% year-over-year in April, a decrease of 8 ppt compared to Q1, reflecting in part the lapping of a strong comparable period a year ago. Acquisitions contributed two ppt to this group. On the consumer and small business front, I'm excited to announce an enhanced partnership with Wells Fargo which includes several new elements. All rights reserved. We also saw strong growth in travel and entertainment including spending with airlines, travel agencies, lodging and restaurants. 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. I'll take the first part and then Michael will address your second question. The industry and we very specifically with our services propositions have found a way to ensure that the risks associated with these cross-border transactions for merchants and for consumers are addressed. Okay. Next question will come from the line of David Togut with Evercore ISI. So net-net as I said back and I think about this I think about the fundamentals of cross-border being strong. Right. ET today, the company will host a conference call to discuss these financial results. The second point I'd make tying back to Michael's comments around PICCs [ph], the market has to be bifurcated in the context of both debit and credit. I'll put that out there in the first place. Number one, what's the pace of recovery on cross-border travel is going to be. Please proceed with your question. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. For example, we deployed our Test & Learn capabilities to help tailored brands, optimize retail operations and improve marketing efficiency for the leading menswear brands. Our thoughts are with them and the people of Ukraine. And so, these three factors are kind of things you've got to take into consideration. Thank you. We continue to add a wide array of new lender and fintech partners including Amount, Deserve, i2c, Lithic and Southern Bank. An account that helps you spend only what you have in it, Many discounts and benefits are included with this interest-bearing account, Our most popular account for managing day-to-day financial needs, An interest-bearing account with our premier level of relationship banking benefits, Account options ideal for teens and students, Provide a guaranteed rate of return, even during uncertain times, A good way to start your children on the road to financial success, Looking to buy a house or getting ready to make an offer? Now where we're actively looking in our -- it tends to participate in all relevant payment flows. If I look at U.S. trends debit versus your competitor, I mean, over the last few quarters, I'm seeing downward trend in your share of the mix in debit and this picture in credit, is there anything to call out there? Net revenue was up 27% reflecting the continued execution of our strategy and the ongoing recovery in spending. I thought these news was just going to pass by with none of you asking about it, so it's much appreciated. Just a quick one, so just in terms of your expectation for cross-border travel relative to 2019 levels, last quarter you were expecting to be at 100% by the end of this year. You are leaving wellsfargo.com and entering a website that Wells Fargo does not control. So, that's probably the reason you're seeing some of the divergence. Are you seeing anything that sort of is seeing some kind of negative impact on consumer spending patterns as a result of inflation? It's a margin increase here. Cross-border card not present ex-travel continues to be strong. And I'll just add Michael a couple of thoughts on Brazil. In terms of cross-border where the growth was particularly strong the recovery continued this quarter led by travel. We're driving growth in comp payments through new consumer, small business, co-brand and fintech wins. You can see that on a currency-neutral basis total operating expenses increased 13% including a six ppt impact from acquisitions. Here are a few examples. But to give you a little bit more color right on cross-border. Get fraud prevention tips. Can you discuss some of the underlying drivers outside of the return of cross-border and how sustainable you believe in upper 50% operating margin is going forward? Please proceed with your question. Thanks. There's been so much change. Mastercard is a global technology company in the payments industry. Looking quickly at the individual revenue line items. So there's a whole thing going on. Please proceed with your question. And the last point I'll make on rebate and incentive is, in Q1 we had this onetime benefit relating to the non-renewal of our Russian customer agreement which you should not expect the benefit of that to come through on a going-forward basis. Your next question will come from the line of Ramsey El-Assal with Barclays. I wanted to check in on the call it balance of trade and this whole card volume coming in and out from wins and losses migrating. 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. And again, the Asia Pacific region still remains a fairly large opportunity on a going forward basis. Please disable your ad-blocker and refresh. 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. There has been a 1% increase in our switched volume that's related to gas price increases. Right. If I can just build on that, we love cross-border. Third, preparing our core network to directly support digital currencies. 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 have specifically called out for you at the Investor Day the focus on remittances. So I think what we're bringing here is the multilateral network idea into this space that has been historically inefficient. So we have suspended operations in Russia, as a result of which we're not earning any revenues related to Russian issued cards. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts. You got the P2M world where card is well established domestically but also certainly cross-border. Buy in-store pickup have delivered, do it the other way around whatever works. Investor Relations: Jud Staniar,investor.relations@mastercard.com, 914-249-4565 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). Geographically, the cross-border recovery has been broad-based with improvement across all regions. Anything digital more of, number two. Growth rates obviously are impacted by comps. For your security, we do not recommend using this feature on a shared device. We're partnering with BCA Digital, the digital banking arm of the largest private bank in Indonesia to launch a digital-first Mastercard debit product catering to millennials. So let me take that. So, essentially, we are maintaining our growth expectations in the same range as the strong cross-border travel recovery and strength in consumer spending helped mitigate the loss of sizable revenues in Russia and Ukraine. Operating expenses increased 13% including a six ppt increase from acquisitions. Turning to Page 9. Your next question will come from the line of Rayna Kumar with UBS. You may now disconnect. 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. So the structural changes that we are seeing that we've been observing with our regular consumer engagement surveys over the last two years and that have transpired with our customers as well is less cash and checks, number one. We're also expanding in payments by leading entertainment innovation in areas like installments and cryptocurrencies. In terms of operating expenses, we are reducing our forecast for the year to reflect cost savings related to Russia. First is, consumers are really ready to move on with the pandemic. And the competitor is likely actually getting the benefit of that. Please proceed with your question. Cross-border travel has actually come back stronger than our expectations and there continues to be pent-up demand. Thanks, Harshita. Good morning and thanks for taking my question guys. [Operator Instructions] Your first question will come from the line of Sanjay Sakhrani with KBW. It's going to go back to services and it's going to balance out. And even you guys are trying to work through opportunities for more A to A [ph] and open banking opportunities across globally. 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. 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. Actual performance could differ materially from these forward-looking statements. Yes. I mean fundamentally, where I stand on this is the push by consumers into the digital space. Information about the factors that could affect future performance are summarized at the end of the earnings release and in our recent SEC filings. Second, we announced that we're expanding our consulting services into three new practices dedicated to open banking and open data, crypto and digital currencies and ESG. But we're not seeing fundamentally much change in that regard. And what the recovery of cross-border is going to be. On the macroeconomic front, consumer spending remains strong, particularly as economies across the globe continue to reopen and pandemic-related restrictions are lifted. 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. Of note, data related to sanctioned Russian banks was not reported to us and hence such amounts are not included in Q1 2022. This copy is for your personal, non-commercial use only. Labor markets are firm, with low unemployment rates and rising wages. See how we help protect you. 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. So it's everything which we are doing in terms of driving the fundamentals of our business back to the strategic priorities Michael was talking about, which is growing our payments keeping on leaning in on services and then continue to invest in the new network space which is really important. So there isn't much of a problem to be resolved to payment for payments for goods on a cross-border basis. Good morning. Overall, it's a market that drives a lot of innovation. But while we love the trends, it's a lot of hard work. At this stage, we have not seen any significant impact of these and consumer spending. So, let's turn to page four where you can see the operational metrics for the first quarter. Having said this, we are monitoring a number of factors, including inflationary pressures, supply chain constraints, geopolitical uncertainties and COVID infection rates. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Just trying to quantify that. Your next question will come from the line of Lisa Ellis with MoffettNathanson. Mastercard Incorporated (NYSE:MA) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET, Warren Kneeshaw - Head of Investor Relations, Michael Miebach - Chief Executive Officer, Good day and thank you for standing by. Mastercard Incorporated (NYSE: MA) today announced its second quarter 2022 financial results through an earnings release available on the company's Investor Relations website at investor.mastercard.com. 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. And historically it's been very high pass-through without rebates incentives, I think as I have a correlation. And Sachin, just a follow-up for you. We're also excited to announce that we have deepened our relationship with our long-standing partner, Capital One. Michael, Sachin, I want to ask about cross-border travel very strong recovery here. What is monetary fiscal policy and then there is the micro aspects of the different verticals which ones of those are carded which ones we would see which ones we wouldn't see. 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. I was wondering if you could give us your latest view on what the kind of longer-term post-pandemic payment [Indiscernible]. Globally, the 2.9 billion Mastercard and Maestro-branded cards issued. Russia was a fast-growing market. Sure, Bryan. And with that, I will turn the call back over to Warren. Moving to page 7. The remaining growth was driven by our Cyber & Intelligence and Data & Services solutions. That's kind of point number one. Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries.