Mastercard, Inc. (NYSE:MA) Q4 2023 Results Conference Call January 31, 2024 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 - Sanford C. Bernstein & Co., LLC

Craig Maurer - FT Partners

Sanjay Sakhrani - KBW

Tien-Tsin Huang - JPMorgan Chase & Co.

Daniel Perlin - RBC Capital Markets

Darrin Peller - Wolfe Research

Cris Kennedy - William Blair

Paul Golding - Macquarie Capital

David Togut - Evercore ISI

Ken Suchoski - Autonomous Research

Andrew Jeffrey - Truist Securities

Trevor Williams - Jefferies

Ashwin Shirvaikar - Citigroup

Operator

Good morning. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q4 and Full Year 2023 Earnings Conference Call. [Operator Instructions].

Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

Devin Corr

Thank you, Briana. Good morning, everyone, and thank you for joining us for our fourth quarter 2023 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. 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. 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.

Michael Miebach

Thank you, Devin. Good morning, everyone. Here's the headline. We closed out 2023 with another quarter of strong earnings and revenue growth. Quarter four net revenues were up 11% and operating income up 13%, both versus a year ago on a non-GAAP currency-neutral basis, excluding special items as always. These results were driven by healthy consumer spending and the ongoing execution of our strategy. Our deal momentum continued this quarter, powered by a broad range of unique diversified products and services both designed to solve our customers' needs.