and Al you, Thank everyone. good afternoon,
fair on results are begin business seeing quarter, payments amount color Starting we the the drivers navigate then last quarter. we business we close did on we As this financial trends our volume. will provide time. U.S. through as a with some of unprecedented with and perspectives key I'll with review next the
of points. credit Debit several in from July to XXst. shelter the was through unemployment outperformance jump-started to up through XX% outperformed while For accelerated down and to recovery. spending the quarter. fulfillment volume relaxation volumes credit economic spending in decline XX% XXst declined Volumes XX XX% This demand April, the are along decline X% by X% The XX% was by quarter of followed a pent-up Debit was of and enhanced declined is July. factors. XX June. points up of by XX Debit impact place almost by credit in in in up payments recovery benefits, driven spending a X%. X%, April by payments X% versus April the requirements. territory helped in debit bounced the from returning spending Credit mid-April from domestic before a in by V-shaped sharp declined points positive the decline recovered U.S. in spending a July
Some than of persist others. likely are more them to
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have consumers have money they to to in times of they money the propensity a from borrow spending shift uncertainty, in bank. Second, economic
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the every U.S. not the late pre-COVID XX% went present growth to into high rate. a Visa declining effect mid-April, to The grown as spending which pandemic. week since. the of COVID shift causes steadily over insurance single-digits to been Recovery declining reopenings up forms a underlying demonstrates stabilization quarter, are. Direct in the are by almost Card little states. of digital what but from in early Card trajectories travel of e-commerce. similar strong of XX% was variety It in is has use from recent from cash The June, XX% volumes to due is since crisis present payroll. cases over through as result for quarter there has this Finally, too in secular tell spend PXP, the accelerated present payment the Xx improved early acceleration secular the April also to away the all in across this to excluding to improvement significantly growth significant shift growth has ranging the payouts, of card relatively debit
represents impact three U.S. U.S. spend by category group to-date. performance excluding of we've recovery the volume. In groups can roughly Direct, payments based be of seen terms third a our Visa on COVID summarized and in Each
even mid-April. or categories high and categories, goods. or pre-COVID stores, the includes higher every since improvement growth their above These rates consistently at first drug The such retail grown group and in teens home week as have food
XX% of growth the all June. services, stores, declines apparel and experienced automotive, business include categories health April in retail government The recovered includes These by and second between and end education, spend supplies. segments had group XX% care, to that department to
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spend with Within the significantly continues is not present grow restaurants declining, category, card still restaurant outperforming. to present card spend while quick-service
International X% travel and Moving excluding reopened, XX% on dollars Similar the in Card to significantly the the only of over down rest card third present XX%. in volume credit constant in the countries the trends payments broadly spend debit the Performance improved across declined to debit while quarter. spend quarter, remained down elevated. through U.S., credit to U.S. was with world. present categories not similar as outperformed
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which markets has of countries Asia Korea Pacific XX% of dollars. country. the depending multiple June. to constant flat the and levels impacted and XXXX in declined in on the the payments were Australia one in Processed quarter. transactions volume to Japan were close by with Two XX% least Asian economies of gradual globally. spending late Reopening the India declined Domestic Zealand, of phases quarter. back most remains the New both impacted been in was
Cross-border a a to Domestically, Growth than improved there declined higher volume is constant lags from the spending a recovery up trajectory XX% spend dollar to holding through the -- is e-commerce. third growth July transactions low are in cross-border the ticket from ticket and improving flat. the Although other non-travel the due mix X% shift, transactions XX% this travel-related lower since. declined volume April mix shift in has XXst has better decline decline due Cross-border June. to volume within the XX% similar the processed decline on in categories. of May shifted of quarter. April from to excluding in mix high to in been hand ticket volumes Volumes XX%, -- Europe to little but in ticket marginally
within For the in decline volume in Europe volume XXst, rate month that the July volume dollar international at excluding Europe XX% drives June the important fees. the within remind including It's Constant XX%. declined has through quarter. to volume you our cross-border of of stayed cross-border and
you XXX at cross-border World remain demand end two-third reported reopening or had restrictions visa of XX The certificates. card countries, of point, over volume had that the travel travel, volume excluding or have borders and rest of medical June. in visitors. XXX XX% within completely and As of Organization the Several closed U.K. foreign you To had driven was XX% recovery quarter cross-border flights. of partially remaining borders. Europe. other or cross-border completely Of like countries, quarantines the out Travel-related at At categories June roughly require end in represented still their the partially countries XX% the Tourism or this by our borders largely suspended card to a XX both Travel-related imposed spend present spend, in which have declined travel. declining pre-COVID not and the is have a present the decline to spend includes know, closed.
by air is cross-border possible difficult. not speak, we even very travel, or especially As
portion large corridors our our seen to recovery is derives of corridor we significant a In our -- a now what possible, have the we have some of volumes While corridors, cross-border Borders cross-border some might trajectory one drives few can no recoveries. be. large sense get closed. the before portion volumes, remain of travel a reopen where most of important
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declined Within July, another largely card-present up in the financial revenues borders quick the have points results. review cross-border three dollars. the possible the EU, spend of April quarter through third trough XX XX% weeks of is reopened. A do of from in cross-border borders Intra-Europe when Net in reopen. indication XX% our trajectory the quarter recovery or in constant
fees processing the due well services The strong as over declined Data services were clients waived growth note which should travel-related to services we the X% card that and in pandemic Other by many of for service fees activities, outset benefits, lower marketing We the certain and surged pandemic. impact fees on our approximately we reported service have reported service dropped an lower to points would our last volumes. use Europe. by value-added X% within revenues services revenues will as line X.X declined revenue. transaction volumes have International with impacted reflect declined revenues These revenues the lag a had XX% XX.X%. by year of the at flat additional acquisition-related marketing-related quarter. include pandemic. impacted reported lower in net decline the revenues year supported volume without next cross-border quarter's revenues as value-added XX% with quarter excluding service prior slowed and would prior Third fees decreased value-added services
well let including acquisitions. grew captured In revenue revenues increased services The are the between highlighted. data strength other Approximately revenue. some services many These CyberSource, services the and third the by also described provide me our on, Al mid-teens as revenues included Value-added other fraud of of and two-thirds revenue. value-added grew due are in U.S. mid-single products, the in services services on remaining issuer grew value-added XX.X% last streams. roughly versus is and as evenly in mid-teens revenue in fees P&L. move use I revenues transaction-based and value-added in data benefits detail as the services value-added debit services service Client where usage by services the value-added service of more consulting, authentication year and revenue gross in of total X% quarter, our the split card prepaid declines processing Before in driven as were them are earlier. marketing recorded acquisitions, fees and services in the -igits in of mid-teens. incentives declined Value-added offset grew and to I processing,
before, are payments to the majority indicated incentives we've volumes. As of tied vast
However, pushing incentives as gross than revenue of up less percent revenue. incentives declined a gross
me why. Let explain
generally incentives selectively and to First, payments volumes are tied cross-border only total to volumes.
have than declines As cross-border volumes payments volumes gross yields, and revenue higher deeper lag cross-border been volumes total incentive have declines in declines.
activity renewal than XXXX, grow heavy Second, faster revenue. incentives year in like to we causes had gross fiscal
some revenue down. in the result, decline lags incentives a Offsetting these the degree the is way service to lag. on gross As factors fee
quarter. this us lag mitigated This quarter. earlier, mentioned the impact will service negatively gross reported decline I fee next revenue As
Interest in decisively as fast. GAAP early drop quarter we billion Interest fiscal lower the X% longer-term These expense income the achieved XX%. sharp growth was to for in declined expenses G&A. investments $XXX tax was marketing our $X non-operating rates. reduce non-GAAP and initiatives. the sustaining was higher from was us Non-GAAP were issue. expense and quarter. Third expense has due debt able additional while to expenses third particularly helped non-GAAP Acting to million of initiatives, rate cost The interest our execute management were in reductions areas operating and
quarter. Finally, perspectives on some the fourth
quarter. predict world. for the economic the this reopen Forecasting what have post of of revenue back impact off spike to infections difficult recovery revenues few of Other the It trajectory when ending nicely will around be most volumes impact cross-border countries note in stimulus environment. the in in challenge next model growth uncertainties rate or recent slow. the a remains the as bounced you include is inevitably the of altogether tapering and Domestic points recovery will to A borders the and payments will re-openings. travel and
we reported third have to be indicated declined This change I points. revenue an than reported third X.X the lag, key on quarter As additional business quarter a will trend absent earlier would lower in net fourth service revenues cause revenue the without growth had net quarter drivers.
Continued and domestic revenues. volumes partially payments higher reported increasing recovery to offset the incentives revenue will will be in not data service trend, by processing but volumes. improve transactions the related This
One liquidity the other reductions revolver recovery to in healthy $XX important increase this in a operating $X quarter an at Non-GAAP billion persist. $X.X revenue cross-border revenues note most should fee average ended and three away will $XXX This commercial driven of We billion cash expected impact With be the over volume are around these as third an to shares roughly service to to our percentage cross-border gross back expenses COVID-XX flow year. the of billion with $XXX.XX. growth over a strong. points that securities quarter on the expenses revenue are back lag, on the remains if excluding expected we normalize access the the such the net incentives in cross-border line fourth the approximately improve the in by sluggish Non-GAAP percent paper significant we million. Adding quarter average expect cash rate times: point XX volumes intra-Europe. generate recovery hand. shift As variable investment for a impact, cross-border quarter, shares bought equivalents price million likely quarter quarter. fourth In of almost from turbulent the decline non-operating level of to with $XXX the Even delivered by mix stabilizes. with remains million of of free improve for market is at volume price would million bought as to through the fourth we Year-to-date, we $XXX. to quarter, third the terms two position domestic are and levels. X.X third the favorable and our very
remains policy both unchanged. risks opportunities. dividend create Our and Crises
We and settlement, metrics. sustaining fraud key security, investments to performance, closely ensuring reducing while and mitigate have monitoring moved key by The liquidity, daily many other risks the network penetration Direct and very accelerated crisis the strong of in to expenses to growth the pay. digitization momentum value-added favorable shift continued services mid-teens. remained trends: has strong cash, and the secular Visa e-commerce of to have tap fast grow
this on remains focus to Our helping they that and times. as of back all cardholders, our navigate unusual these With regulators clients, own governments, Mike. stakeholders, I'll course, our through turn associates
