Mastercard delivered a solid first quarter of 2024 with net revenues of $6.348 billion, up 11% year over year on a currency-neutral basis, and adjusted net income up 16% (non-GAAP). Cross-border volume rose 18% year over year on a local-currency basis, underpinning strength in travel and non-travel related cross-border spend. Gross profit reached $4.834 billion with a gross margin of about 76.15%, while operating income rose 12% to $3.604 billion, yielding an operating margin near 56.8%. Management reaffirmed full-year 2024 guidance on a currency-neutral basis (net revenue growth at the high end of a low-double-digit range; operating expenses at the low end of a low-double-digit range), with foreign exchange expected to be a modest headwind of 1–2 percentage points for the year and roughly 2 percentage points in Q2 alone. Free cash flow generation remained strong at $1.294 billion for the quarter, supporting continued buybacks and a sturdy balance sheet.