Visa Inc (V) 2008 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

I will be your conference operator today.

今天我將成為您的會議接線員。

At this time, we would like to welcome everyone to Visa Incorporated fiscal second quarter 2008 earnings conference call.

在這個時候，我們歡迎大家參加 Visa Incorporated 2008 財年第二季度財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

講者致辭後，將進行問答環節。

I would now like to turn the call over to Mr.

我現在想把電話轉給先生。

Jack Carsky, Head of Global Investor Relations for Visa, Incorporated.

Visa, Incorporated 全球投資者關係主管 Jack Carsky。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Visa Inc.'s fiscal second quarter earnings conference call.

大家下午好，歡迎參加 Visa Inc. 的第二財季財報電話會議。

Speaking today are Joe Saunders, Visa's Chairman and Chief Executive Officer and Byron Pollitt, our Chief Financial Officer.

今天發言的有 Visa 董事長兼首席執行官 Joe Saunders 和我們的首席財務官 Byron Pollitt。

This call is currently being webcast live over the Internet.

該電話目前正在互聯網上進行網絡直播。

It can be accessed on the Investor Relations' section of our website at www.corporate.Visa.com.

它可以在我們網站 www.corporate.Visa.com 的投資者關係部分訪問。

A replay of the webcast will also be archived on our site for 30 days.

網絡廣播的重播也將在我們的網站上存檔 30 天。

The PowerPoint deck containing highlights of today's commentary is also posted to our website.

包含今天評論要點的 PowerPoint 幻燈片也發佈在我們的網站上。

Let me please remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

請允許我提醒您，本演示文稿可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

By their nature, forward-looking statements are not guarantees of future performance, and as a result of a variety of factors, actual results could differ materially from such statements.

就其性質而言，前瞻性陳述並非對未來業績的保證，並且由於多種因素，實際結果可能與此類陳述存在重大差異。

Additional information concerning those factors is available in the Company's filings with the SEC, which can be accessed through the SEC website and on the Investor Relations section of the Visa website.

有關這些因素的更多信息可在公司提交給 SEC 的文件中獲得，這些文件可以通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

For historical non-GAAP or pro forma related financial information disclosed in this call, the related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal second quarter earnings press release.

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們的第二財季財報新聞稿隨附的財務和統計摘要中找到。

This release can also be accessed through the Investor Relations' section of our website.

此新聞稿也可以通過我們網站的投資者關係部分訪問。

With that said, I'll turn the call over to Joe.

話雖如此，我會把電話轉給喬。

Thank you, Jack.

謝謝你，傑克。

And thanks everyone for joining us this afternoon.

感謝大家今天下午加入我們。

Before I get into a discussion of the quarter's financial results, I wanted to spend a moment reviewing what has been accomplished thus far to take the Company public.

在我開始討論本季度的財務業績之前，我想花一點時間回顧一下迄今為止為讓公司上市所取得的成就。

Everyone in the organization has worked extremely hard over the past two years to form what is today Visa Inc.

在過去的兩年裡，該組織中的每個人都非常努力地工作，以形成今天的 Visa Inc.。

From the initial merger that brought together the five autonomous payment organizations, to putting in place the systems, mechanics, policies and processes to allow the Corporation to work as one entity, all of which required an extraordinary effort for which I thank everyone and I'm extremely proud.

從最初將五個自治支付組織合併在一起，到建立系統、機制、政策和流程以使公司作為一個實體運作，所有這些都需要付出非凡的努力，為此我感謝每個人和我我無比自豪。

Significantly, all of this was done while successfully continuing to grow the business and its revenue and profitability which are reflected in our earnings results this quarter.

重要的是，所有這一切都是在成功繼續發展業務及其收入和盈利能力的同時完成的，這反映在我們本季度的收益結果中。

Every member of the organization is to be commended for an outstanding job and I am grateful for their hard work.

該組織的每一位成員都因出色的工作而受到表揚，我感謝他們的辛勤工作。

With that, let me go over the inaugural public quarterly results.

有了這個，讓我回顧一下首屆公開季度業績。

Earlier today in our press release we announced our fiscal second quarter 2008 financial results on both a GAAP and adjusted basis.

今天早些時候，在我們的新聞稿中，我們公佈了我們在 GAAP 和調整後的 2008 財年第二季度財務業績。

For the purposes of this afternoon's conversations with all of you, we are going to refer to our results on an adjusted basis which management believes is much more indicative of the true operating earnings power of the franchise.

為了今天下午與你們所有人的對話，我們將參考調整後的結果，管理層認為這更能反映特許經營權的真實運營盈利能力。

We'll also provide a clearer understanding of the one time items related to our reimbursable litigation, restructuring and initial public offering expenses that have had an important impact on our total expenses and taxes.

我們還將更清楚地了解與我們的可報銷訴訟、重組和首次公開募股費用相關的一次性項目，這些費用對我們的總費用和稅收產生了重要影響。

Recognizing that we have a very complicated share structure involving multiple classes of stock, we have also provided our fully diluted A common shares outstanding on an adjusted basis which reflects the shares outstanding figure for October 2008 when the full redemption of the Class C series two and partial redemption of the Class C series three for Visa Europe occurs.

認識到我們的股票結構非常複雜，涉及多類股票，我們還提供了經過調整的完全稀釋的 A 股流通在外普通股，這反映了 2008 年 10 月 C 類系列 2 和Visa Europe 的 C 類系列 3 的部分兌換發生。

As e move through the balance of this year it is our intention to continue to offer you this perspective and updates where applicable in addition to the GAAP equivalents.

隨著今年剩餘時間的推移，我們打算繼續為您提供這種觀點和更新，除了 GAAP 等價物外。

With that, let's discuss the quarter's performance.

有了這個，讓我們討論一下本季度的表現。

Visa, Inc.

維薩公司

is off to a great start.

這是一個很好的開始。

Despite a challenging economic environment, we delivered strong financial results and recorded strong product growth in our inaugural quarter as a public Company.

儘管經濟環境充滿挑戰，但我們在作為上市公司的首個季度實現了強勁的財務業績並錄得強勁的產品增長。

For the fiscal second quarter, net income on an adjusted basis was $401 million or $0.52 per diluted Class A common share on an adjusted basis of 779 million shares outstanding.

第二財季，經調整後的淨收入為 4.01 億美元，或每股攤薄後的 A 類普通股 0.52 美元，經調整後的流通股為 7.79 億股。

This represents a 44% increase over adjusted pro forma net income of $278 million in the comparable 2007 period.

這比 2007 年可比期間的調整後備考淨收入 2.78 億美元增加了 44%。

There's no appropriate diluted earnings per share comparison for 2007 as in the prior year, under the association model we were a non stock Corporation.

2007 年沒有與上一年一樣的適當稀釋每股收益比較，在關聯模型下，我們是一家非股票公司。

On a sequential quarter basis, these results were ahead of our internal budget projections made at the outset of our fiscal 2008 year, due to stronger payments volume and transaction growth.

由於支付量和交易增長強勁，這些結果在連續季度的基礎上超過了我們在 2008 財年開始時做出的內部預算預測。

While we continue to see some softness in the traditional U.S.

雖然我們繼續看到傳統美國的一些疲軟。

credit card growth as we have all year, as we anticipated, it is largely but not entirely being offset by debit and rewards card growth in the U.S.

正如我們預期的那樣，信用卡的全年增長在很大程度上但不完全被美國借記卡和獎勵卡的增長所抵消。

and robust growth internationally.

和強勁的國際增長。

At this time we see no discernible trend of a softer U.S.

目前，我們看不到美國走軟的明顯趨勢。

economy meaningfully affecting our payment volumes.

經濟對我們的支付量產生了有意義的影響。

In that regard, during the quarter we experienced strong growth worldwide and across our diverse product set, credit, debit and commercial.

在這方面，在本季度，我們在全球範圍內以及在我們多樣化的產品組合、信貸、借記和商業方面都經歷了強勁的增長。

Notably, payments volume, which is the primary driver of our revenue increased 19% to $681 billion in the first fiscal quarter ending December 31, 2007.

值得注意的是，在截至 2007 年 12 月 31 日的第一財季，作為我們收入主要驅動力的支付量增長了 19%，達到 6810 億美元。

Total volume, which includes cash volume, increased 21% to 1.1 trillion.

總交易量（包括現金交易量）增長 21% 至 1.1 萬億。

Cash volume primarily represents debit and credit cards used at ATMs rather than a point of sale and although we do not view cash volume per se as a profit driver of the business, it is a metric we focus on as it offers an enormous opportunity to further migrate our card holders away from cash transaction, point of sale, credit and debit transaction.

現金量主要代表在 ATM 上使用的借記卡和信用卡，而不是銷售點，雖然我們不將現金量本身視為業務的利潤驅動因素，但它是我們關注的一個指標，因為它提供了進一步發展的巨大機會讓我們的持卡人遠離現金交易、銷售點、信用卡和借記卡交易。

As you know, we report these metrics -- all of these metrics, above metrics on a one quarter lag basis.

如您所知，我們報告這些指標——所有這些指標，高於指標的四分之一滯後。

On a current quarter basis, for our fiscal third quarter, we expect a similar rate of payment volume growth.

在當前季度的基礎上，對於我們的第三財季，我們預計支付量將出現類似的增長率。

Long-term, we expect that the secular shift towards plastic and away from cash and check, augmented by further product enhancements and new product development will continue to further drive growth.

從長遠來看，我們預計，隨著產品進一步改進和新產品開發，向塑料和現金和支票的長期轉變將繼續進一步推動增長。

Year-over-year, card growth was 16% with more than 1.6 billion cards carrying the Visa brand.

卡片同比增長 16%，超過 16 億張帶有 Visa 品牌的卡片。

Credit grew 12% to 796 million cards while debit rose 21% to 820 million.

信用卡增長 12% 至 7.96 億張，借記卡增長 21% 至 8.2 億張。

Net operating revenues were strong in the fiscal second quarter at $1.5 billion or an increase of 22% over the second quarter of 2007 on a pro forma basis.

第二財季的淨營業收入強勁，達到 15 億美元，在備考基礎上比 2007 年第二季度增長 22%。

As we saw solid growth across all categories.

正如我們看到所有類別的穩健增長。

Price adjustments made last year, ahead of our transition to a public Company, which were in full effect by the third quarter of 2007, had an impact on the second quarter's results year-over-year.

去年在我們向上市公司過渡之前進行的價格調整，在 2007 年第三季度全面生效，對第二季度的業績產生了同比影響。

Partially for this reason, net operating revenues will be modestly lower than our volume growth rates in the next two quarters.

部分出於這個原因，未來兩個季度的淨營業收入將略低於我們的銷量增長率。

Our current expectation for revenue growth over the next quarter is at the higher end of the range of our long-term annual revenue guidance of 11 to 15% and is ahead of what we had planned coming into the year.

我們目前對下一季度收入增長的預期處於我們長期年度收入指導範圍 11% 至 15% 的高端，並且超出了我們今年的計劃。

Having said that, we recognize that the economic backdrop is increasingly challenging for many businesses here in the U.S.

話雖如此，我們認識到經濟背景對美國的許多企業來說越來越具有挑戰性。

and could still impact our fiscal fourth quarter.

並且仍可能影響我們的第四財季。

Globally, we should continue to benefit from the overall secular shifts in the payments space, as well as increases in the amount of non-discretionary purchases on both credit and debit products and cross border transactions.

在全球範圍內，我們應該繼續受益於支付領域的整體長期變化，以及信用卡和借記產品以及跨境交易的非自主購買量的增加。

Before I turn the call over to Byron, let me quickly discuss one legal matter.

在我把電話轉給拜倫之前，讓我快速討論一個法律問題。

As far as our covered litigation is concerned, there is little incremental to report.

就我們涵蓋的訴訟而言，幾乎沒有增量報告。

As disclosed in our prospectus in conjunction with our IPO, we took an additional FAS 5 reserve of $285 million for covered litigation in the fiscal second quarter.

正如我們在首次公開募股時在招股說明書中披露的那樣，我們在第二財季為受保護的訴訟額外提取了 2.85 億美元的 FAS 5 儲備金。

We made our first payment to American Express at the end of the quarter which Byron will discuss further.

我們在本季度末向美國運通支付了第一筆款項，拜倫將進一步討論。

Our $3 billion escrow and the mechanism we established to address the outstanding covered litigation cases, protects our public shareholders from liabilities associated with these cases and ensures that the related expense is fully reimbursable.

我們 30 億美元的託管資金以及我們為處理未決訴訟案件而建立的機制，保護我們的公眾股東免受與這些案件相關的責任，並確保相關費用得到全額報銷。

With that, let me turn the call over to Byron who will take you through the financial results.

有了這個，讓我把電話轉給拜倫，他將帶你了解財務結果。

Thank you, Joe.

謝謝你，喬。

Before I discuss our financial performance, I would like to share with everyone our philosophy around earnings guidance so that you can put current quarter performance in perspective.

在討論我們的財務業績之前，我想與大家分享我們圍繞收益指導的理念，以便您能夠正確看待當前季度的業績。

Our approach will be to provide a medium term outlook covering a three-year period for the following key metrics.

我們的方法是為以下關鍵指標提供涵蓋三年期的中期展望。

First, annual net revenue growth of 11 to 15%.

一是全年淨收入增長11～15%。

Annual adjusted operating margin in the low 40% range.

年調整後的營業利潤率在 40% 的低位。

Annual adjusted diluted Class A common earnings per share growth of 20% or more.

年度調整後稀釋後的 A 類普通股每股收益增長 20% 或更多。

Annual free cash flow in excess of 1 billion annually and we define free cash flow as cash from operations, plus cash reimbursements from the litigation escrow, less capital spending.

年度自由現金流每年超過 10 億，我們將自由現金流定義為來自運營的現金，加上來自訴訟託管的現金補償，減去資本支出。

These metrics will be supplemented by updates and additional insights where and when appropriate.

這些指標將在適當的時候通過更新和額外的見解得到補充。

Payment volume growth was very strong in the second quarter, compared to the prior year, as we posted double-digit increases in each of our regions.

與去年相比，第二季度的支付量增長非常強勁，因為我們在每個地區都實現了兩位數的增長。

While the international regions are our fastest growing, the U.S.

雖然國際地區是我們增長最快的地區，但美國

continues to represent the greatest portion of our revenue and offers significant opportunity as we continue to build out credit and debit and expand into new payment categories.

繼續占我們收入的最大部分，並在我們繼續建立信貸和借記卡並擴展到新的支付類別時提供重要機會。

Continued strong growth and revenue performance out of Asia Pacific, Latin America, and Central Europe, Middle East and Africa will be driven by growth in new cards, usage and acceptance.

亞太地區、拉丁美洲、中歐、中東和非洲的持續強勁增長和收入表現將受到新卡、使用和接受度增長的推動。

Process transactions or those that we define as being processed on the Visa network, totaled $8.8 billion in the fiscal second quarter, an increase of 15% over the similar period a year ago.

第二財季處理交易或我們定義為在 Visa 網絡上處理的交易總額為 88 億美元，比去年同期增長 15%。

Not only do we generate higher revenue from the transactions we process, we can also offer value-added products and services to our clients as a result of the information we are able to capture at the point of sale.

我們不僅可以從我們處理的交易中獲得更高的收入，而且由於我們能夠在銷售點捕獲的信息，我們還可以為我們的客戶提供增值產品和服務。

One key focus area in the near term is building out these processing capabilities internationally.

近期的一個重點關注領域是在國際上建立這些處理能力。

Gross revenues of 1.8 billion were up 30% over the $1.4 billion reported in the comparable quarter of 2007.

總收入為 18 億美元，比 2007 年可比季度報告的 14 億美元增長了 30%。

Volume and support incentives increased by $151 million to $338 million, from the prior year and by $88 million from the first quarter.

數量和支持獎勵比去年增加了 1.51 億美元，達到 3.38 億美元，比第一季度增加了 8800 萬美元。

While new acceptance contracts and multi-year bank agreements resulted in higher incentives, it is important to note that 2007 also included certain accounting adjustments which resulted in an unusually low level of incentives during that fiscal year.

雖然新的承兌合同和多年期銀行協議帶來了更高的激勵，但值得注意的是，2007 年還包括某些會計調整，導致該財政年度的激勵水平異常低。

Total net operating revenues were approximately $1.5 billion, a 22% increase over the pro forma operating revenues of $1.2 billion reported for the second quarter of 2007.

總淨營業收入約為 15 億美元，比 2007 年第二季度報告的 12 億美元的備考營業收入增加了 22%。

As Joe mentioned, this quarter benefited from price adjustments primarily in non-U.S.

正如喬所說，本季度主要受益於非美國地區的價格調整。

regions, that were fully implemented in the fiscal third quarter of 2007 which we do not expect to continue in future quarters.

這些地區在 2007 財年第三季度全面實施，我們預計未來幾個季度不會繼續。

In our core business, we saw excellent results across all of our key fee categories.

在我們的核心業務中，我們在所有關鍵費用類別中都看到了出色的結果。

Service fees, which reflect payments volume from the prior quarter, were $792 million, up 29% over the pro forma results of that -- of the prior period, reflective of higher volume and pricing adjustments instituted in the third fiscal quarter of 2007.

反映上一季度支付量的服務費為 7.92 億美元，比上一季度的預估結果增長了 29%，這反映了 2007 年第三財季進行的更高的交易量和定價調整。

Data processing fees rose 34% over pro forma results to $494 million, and were driven by a 15% increase in process transactions as well as pricing changes initiated in April of 2007.

數據處理費用比預估結果增長了 34%，達到 4.94 億美元，這得益於 15% 的處理交易增長以及 2007 年 4 月開始的定價變化。

International transactions or cross-border fees were up 35% to $379 million, and continue to benefit from higher multi-currency payments, volumes across all regions.

國際交易或跨境費用增長 35% 至 3.79 億美元，並繼續受益於更高的多幣種支付和所有地區的交易量。

Our adjusted operating margin was approximately 46% in the quarter, a little ahead of our stated long-term guidance of low 40s, as we benefited from continued strong revenues in the period and a lower than anticipated marketing spend level in the quarter.

我們在本季度調整後的營業利潤率約為 46%，略高於我們聲明的 40 多歲的長期指導，因為我們受益於該期間持續強勁的收入以及本季度低於預期的營銷支出水平。

Despite our results year-to-date, we expect a lower adjusted operating margin in the second half of the year due to higher expense levels, primarily associated with Olympic related marketing and increasing investment in new product initiatives.

儘管我們今年迄今取得了業績，但由於費用水平較高，我們預計下半年調整後的營業利潤率會降低，這主要與奧運相關營銷和對新產品計劃的投資增加有關。

On a full year basis, this puts us in the range of a low 40s adjusted operating margin.

在全年的基礎上，這使我們處於 40 年代調整後的低營業利潤率範圍內。

Total expenses increased $307 million or 39%, driven primarily by a $285 million litigation provision in the quarter, related to our retrospective responsibility plan.

總費用增加了 3.07 億美元或 39%，主要是由於本季度與我們的追溯責任計劃相關的 2.85 億美元訴訟準備金。

Sequentially, expenses were relatively flat after adjusting for the provision.

因此，在對撥備進行調整後，費用相對持平。

Year-over-year, advertising, marketing, and promotional costs increased $33 million, or 18% to $215 million, tied primarily to the upcoming Olympic games.

與去年同期相比，廣告、營銷和促銷成本增加了 3300 萬美元，即 18% 至 2.15 億美元，主要與即將舉行的奧運會有關。

Professional and consulting fees declined $40 million to $96 million over the prior year, and this category will increase in the second half of 2008, driven by supportive new product initiatives.

專業和諮詢費用比上一年減少了 4000 萬美元至 9600 萬美元，在支持性新產品計劃的推動下，這一類別將在 2008 年下半年增加。

Capital expenditures were $166 million in the quarter.

本季度的資本支出為 1.66 億美元。

We expect capital expenditures to remain at an elevated level through the end of fiscal 2009 as we complete our new East Coast data processing center.

隨著我們完成新的東海岸數據處理中心，我們預計到 2009 財年末資本支出將保持在較高水平。

After this, we expect capital expenditures to run at around 3 to 4% of gross revenue on an annualized basis.

在此之後，我們預計資本支出按年計算將佔總收入的 3% 至 4% 左右。

As a result of the IPO, we were the beneficiary of a one-time tax adjustment in the second quarter, totaling $107 million, due to a change in our state tax apportionment that resulted in a remeasurement of our deferred taxes.

由於首次公開募股，我們成為第二季度一次性稅收調整的受益者，總額為 1.07 億美元，原因是我們的州稅收分配發生了變化，導致我們重新計算了遞延稅款。

While our full year effective tax rate is expected to be approximately 37%, we expect our effective tax rate for future quarters in 2008 to be approximately 41%.

雖然我們的全年有效稅率預計約為 37%，但我們預計 2008 年未來幾個季度的有效稅率約為 41%。

Our goal is to reduce this 41% rate to a level around 35 to 36% over the next five years.

我們的目標是在未來五年內將這個 41% 的比率降低到 35% 到 36% 左右的水平。

We ended the second quarter with cash, cash equivalents, available for sale investments and restricted cash of $8 billion.

我們在第二季度結束時擁有 80 億美元的現金、現金等價物、可供出售投資和受限現金。

Restricted cash of approximately $2.1 billion represented the balance of the $3 billion litigation escrow established at the IPO after making the initial payment to American Express of $945 million as part of our legal settlement.

約 21 億美元的受限現金是在首次向美國運通支付 9.45 億美元作為我們法律和解的一部分後在 IPO 建立的 30 億美元訴訟託管的餘額。

Unencumbered cash and cash equivalents of $5 billion includes $2.7 billion we intend to use to redeem all of the series 2 and a portion of the series 3 Class C shares this October that are held by Visa Europe.

50 億美元的未支配現金和現金等價物包括我們打算在今年 10 月用來贖回 Visa Europe 持有的所有 2 系列和部分 3 系列 C 類股票的 27 億美元。

Management is very focused on not allowing excess cash to build up on our balance sheet and to that end is currently considering a share repurchase program in fiscal 2009.

管理層非常注重不允許在我們的資產負債表上積累過多的現金，為此目前正在考慮在 2009 財年實施股票回購計劃。

Goodwill increased by $1.1 billion from the prior quarter, primarily as a result of the true-up of regional ownership which occurred shortly before the IPO.

商譽比上一季度增加了 11 億美元，主要是由於首次公開募股前不久發生的區域所有權調整。

In this process, ownership was reallocated between regional owners based on each region's financial performance in the four quarters ended December 31, 2007.

在此過程中，所有權在各地區所有者之間根據截至 2007 年 12 月 31 日的四個季度的財務業績重新分配。

As a result of the true-up, on a net basis, approximately 26 million additional shares of Class C were issued, resulting in a 4 percentage point reduction in the ownership interest of the Visa USA member group with a corresponding increase in the collective ownership interest of the other stockholders.

由於調整後，淨增發了約 2600 萬股 C 類股票，導致 Visa USA 成員集團的所有權權益減少 4 個百分點，集體所有權相應增加其他股東的利益。

As Visa USA was deemed to be the accounting acquirer in the reorganization, these shares constituted additional purchase consideration Visa USA paid to you acquire the regional businesses.

由於 Visa USA 被視為重組中的會計收購方，這些股份構成 Visa USA 支付給您收購區域業務的額外購買對價。

We have valued these shares at the IPO price of $44 per share, resulting in an increase of $1.1 billion in goodwill and shareholders' equity.

我們以每股 44 美元的 IPO 價格對這些股票進行估值，從而增加了 11 億美元的商譽和股東權益。

Turning to our cash flow schedule, please note that the $945 million payment to American Express is reflected under operating activity, resulting in a negative cash flow for the period, while the reimbursement is reflected under financing activities.

談到我們的現金流量表，請注意，向美國運通支付的 9.45 億美元反映在經營活動中，導致該期間出現負現金流，而報銷則反映在融資活動中。

Subject to that adjustment, we expect to throw off over $1 billion in operating cash flow this year.

根據這一調整，我們預計今年將產生超過 10 億美元的經營現金流。

Now let me comment on what we see over the balance of 2008.

現在讓我評論一下我們對 2008 年餘額的看法。

As I mentioned a moment ago, we entered 2008 with the expectation that a softer U.S.

正如我剛才提到的那樣，我們進入 2008 年的預期是美國會更加溫和。

economy would have an effect on our payment volume and revenue growth over the next several quarters.

經濟將對我們未來幾個季度的支付量和收入增長產生影響。

What we have seen to date, however, is continued solid payment growth.

然而，我們迄今為止看到的是持續穩健的支付增長。

We also have a pretty clear view into our U.S.

我們對美國也有相當清晰的認識。

payment volume for January through March, which will be reflected in service fee revenue in our third fiscal quarter.

1 月至 3 月的支付量，這將反映在我們第三財季的服務費收入中。

Based on this early view, we are running at the higher end of our stated revenue guidance range of 11 to 15%.

基於這一早期觀點，我們的收入指導範圍為 11% 至 15% 的較高端。

Nevertheless, at some point the softening economy will likely impact our business in the U.S.

儘管如此，在某些時候，經濟疲軟可能會影響我們在美國的業務。

Although we remain confident in our growth projections, we will continue to monitor and provide updates as necessary.

儘管我們對我們的增長預測仍然充滿信心，但我們將繼續監控並在必要時提供更新。

As noted earlier, expect our annual adjusted operating margin to be in the low 40% range for fiscal 2008.

如前所述，預計 2008 財年我們的年度調整後營業利潤率將處於 40% 的低位範圍內。

Adjusted diluted earnings per share growth is on track to meet our current goal of greater than 20% and lastly, subject to declaration by the Board, we plan on paying our initial dividend in the third calendar quarter.

調整後的稀釋後每股收益增長有望實現我們目前超過 20% 的目標，最後，根據董事會的聲明，我們計劃在第三個日曆季度支付初始股息。

That concludes my comments so I'll turn the call back over to Joe.

我的評論到此結束，所以我將把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

In closing, let me quickly sum up the initiatives we are most focused on over the coming quarters and a little further out.

最後，讓我快速總結一下我們在未來幾個季度以及更遠的地方最關注的舉措。

As we shared with many of you on our IPO road show, we have a number of exciting opportunities in front of us, domestically and internationally.

正如我們在首次公開募股路演中與你們中的許多人分享的那樣，我們面前有許多令人興奮的機會，無論是國內還是國際。

First and foremost, our focus lies in our continuing to build and expand our suite of products here in the U.S.

首先，我們的重點在於繼續在美國建立和擴展我們的產品套件。

Personal consumption expenditures on cash and check in this country totaled $4.7 trillion last year, which provides us with a lot of runway for growth.

去年，這個國家的個人現金和支票消費支出總計 4.7 萬億美元，這為我們提供了很大的增長空間。

Secondarily, we want to -- secondarily but I might add as importantly, we want to export these same products around the globe.

其次，我們希望 - 其次，但我可能要補充一點，我們希望將這些相同的產品出口到全球。

Moving over the $1.4 trillion of cash volume on Visa branded cards to credit and debit at the point of the sale is an enormous opportunity.

在銷售時將 Visa 品牌卡上 1.4 萬億美元的現金轉移到信用卡和借記卡是一個巨大的機會。

So building out usage and acceptance globally is job one.

因此，在全球範圍內建立使用和接受度是工作之一。

Our debit processing position is second to none in the U.S.

我們的借記卡處理地位在美國首屈一指。

and applying this internationally would serve our clients, consumers and businesses around the world.

在國際上應用這一點將為我們在世界各地的客戶、消費者和企業服務。

Other opportunities include prepaid products, money transfer, increased Internet penetration and mobile technology.

其他機會包括預付費產品、匯款、提高互聯網普及率和移動技術。

Prepaid cards are already in the marketplace, are gaining traction and will represent a rapidly growing piece of our business.

預付卡已經在市場上，正在獲得牽引力，並將代表我們業務的快速增長部分。

Money transfer represents an area of the payment business that is new to Visa but which would fit seamlessly into our payment network.

匯款是支付業務的一個領域，對 Visa 來說是新領域，但可以無縫融入我們的支付網絡。

We are are equally excited about our plans to continue to expand access channels for card users, both in Internet and mobile technology.

我們對繼續擴大卡用戶訪問佢道的計劃感到同樣興奮，包括互聯網和移動技術。

While we are the payments leader in the Internet space, we are continuing to focus on security, convenience and enhancing the checkout process to increase our market share.

雖然我們是互聯網領域的支付領導者，但我們將繼續關注安全性、便利性和加強結賬流程以增加我們的市場份額。

On the mobile technology front, we are focused on enabling the mobile device to support Visa payments, including money transfer and person-to-person payments, and to serve as a Visa acceptance device in emerging markets.

在移動技術方面，我們專注於使移動設備支持 Visa 支付，包括匯款和個人對個人支付，並作為新興市場的 Visa 接受設備。

As the payments industry leader and innovator we believe that we are best positioned to capture these product opportunities.

作為支付行業的領導者和創新者，我們相信我們最有能力抓住這些產品機會。

We will continue to update you on these initiatives as events unfold.

隨著事件的展開，我們將繼續向您通報這些舉措。

With that, we are ready to take questions.

有了這個，我們準備回答問題。

Given the large audience on the call we ask that you limit yourself to one question.

鑑於電話會議的聽眾眾多，我們要求您將自己限制在一個問題上。

Operator?

操作員？

At this time, all lines are in listen-only.

此時，所有線路都處於只聽狀態。

(OPERATOR INSTRUCTIONS) Tien-tsin Huang from JPMorgan you may ask your questions.

（操作員說明）來自摩根大通的 Tien-tsin Huang 您可以提出您的問題。

I'll try and do one question.

我會嘗試做一個問題。

I guess on the economy, the obligatory question, glad to hear that the volume growth sounds like it's running at stable levels.

我想關於經濟，這是一個強制性的問題，很高興聽到銷量增長聽起來像是在穩定的水平上運行。

Maybe can you give us more detail on U.S.

也許你能給我們更多關於美國的細節

volume trends and how it tracked month to month in the second quarter.

成交量趨勢以及它如何在第二季度逐月跟踪。

Secondly, get a lot of questions about the economic stimulus and what the rebate checks, given what you've seen in the past, what kind of near term impact could that have on volumes?

其次，考慮到你過去看到的情況，關於經濟刺激和回扣檢查的內容有很多問題，這會對交易量產生什麼樣的近期影響？

Well, our volumes in the U.S.

好吧，我們在美國的銷量

have been -- remain fairly constant.

一直 - 保持相當穩定。

They're down modestly as the year has gone on.

隨著時間的流逝，它們的價格略有下降。

But we continue to get, as I mentioned in the talk, we continue to get a lot of support from our international volume and from our -- and particularly from our debit volume in the United States which is growing at mid-double-digit rates and actually from our rewards and signature credit products.

但是，正如我在演講中提到的，我們繼續從我們的國際交易量和我們的 - 特別是我們在美國的借方交易量中獲得大量支持，該交易量正以中兩位數的速度增長實際上來自我們的獎勵和簽名信用產品。

So while this could have an impact on -- in the fourth quarter, that remains -- that really remains to be seen.

因此，儘管這可能會對第四季度產生影響，但這種影響仍然存在——這確實還有待觀察。

We've kind of been looking for it and it hasn't substantially occurred yet.

我們一直在尋找它，但它還沒有真正發生。

As I mentioned on the call, our growth rates in the -- in our third quarter or this current quarter will be very similar to what they were in the second quarter.

正如我在電話會議上提到的那樣，我們在第三季度或本季度的增長率將與第二季度非常相似。

As it relates to the tax rebates, I can't answer that question.

由於涉及到退稅，我無法回答這個問題。

I'm not an economist,.

我不是經濟學家，。

I would hope that it would boost our volume but I -- but I'll reserve judgment on that.

我希望它會增加我們的音量，但我 - 但我會保留對此的判斷。

Okay.

好的。

Sounds like it could be some potential upside.

聽起來這可能是一些潛在的上行空間。

If I could ask a quick follow-up to Byron, the impact of currency on revenue growth in the quarter.

如果我可以快速跟進拜倫，貨幣對本季度收入增長的影響。

With regards to FX, recognizing that over 70% of our revenues are denominated in U.S.

關於外匯，認識到我們超過 70% 的收入以美國計價。

dollars, the FX impact in the quarter was about 3 percentage points of growth.

美元，該季度的外匯影響約為增長 3 個百分點。

3 points.

3分。

Got it.

知道了。

Thanks.

謝謝。

Liz Grausam from Goldman Sachs, you may ask your question.

來自高盛的 Liz Grausam，你可能會問你的問題。

Thanks, just continuing on from Tien-tsin's question, we did notice that volumes not only were stable in the U.S.

謝謝，從 Tien-tsin 的問題繼續，我們確實注意到美國的交易量不僅穩定。

but actually accelerated across both debit and credit across the prior four quarters.

但實際上在前四個季度的借方和貸方都加速了。

Also, card growth was extremely strong at over 13% in the quarter.

此外，本季度卡增長非常強勁，超過 13%。

Could you give us some perspective on whether or not you're seeing any market share gain or portfolio movements into the Visa brand and how your card growth is that strong in the U.S.

您能否就您是否看到 Visa 品牌的任何市場份額增加或投資組合變動，以及您的信用卡在美國的增長如何如此強勁，給我們一些看法。

currently.

目前。

Well, our card growth is as strong as it is primarily due to the debit product.

好吧，我們的卡增長與借記產品一樣強勁。

That would take -- that takes the growth clearly into the double-digit range.

那將需要-這將使增長明顯進入兩位數範圍。

As it relates to market share, the only thing I can say is -- well, I can remind you that we resigned a couple of large clients in the first quarter and tell you that we are very aggressive, from a competitive point of view and we're comfortable with where we are and what's going on.

由於它與市場份額有關，我唯一能說的是——好吧，我可以提醒你，我們在第一季度辭去了幾個大客戶，並告訴你，從競爭的角度來看，我們非常積極，而且我們對我們所處的位置和正在發生的事情感到滿意。

Byron, on the rebates and incentives that you had in the quarter, obviously ticked up from a year-over-year basis but a little bit below our expectations actually.

拜倫，就您在本季度獲得的回扣和激勵措施而言，顯然比去年同期有所增加，但實際上略低於我們的預期。

How should we think about going forward into the rest of 2008 and 2009, the incentive line as a percentage of gross revenue?

我們應該如何考慮到 2008 年和 2009 年的剩餘時間，激勵線佔總收入的百分比？

Yes, so as a reminder to the group and as I mentioned in the opening remarks, the incentive levels for fiscal year 2007 were unusually low as we prepared for our IPO, we standardized our accounting for this element and we had some accounting adjustments that lowered the -- kind of the normalized run rate of incentives.

是的，作為對小組的提醒，正如我在開幕詞中提到的那樣，2007 財年的激勵水平異常低，因為我們為 IPO 做準備，我們對這一要素的會計進行了標準化，我們進行了一些會計調整，降低了-- 一種標準化的激勵運行率。

So looking forward into 2008, if you were to combine the first six months of incentives as a percent of gross revenue, we view that as a much more normalized rate of incentive composition, recognizing that there are a lot of factors that go into the incentive calculation, but we think that the level of incentives in the first six months of fiscal year 2008 is representative of what you might expect for the full year.

因此，展望 2008 年，如果您將前六個月的激勵措施與總收入的百分比相結合，我們認為這是一個更加規範化的激勵組合率，並認識到激勵措施有很多因素計算，但我們認為 2008 財年前六個月的激勵水平代表了您對全年的預期。

Great.

偉大的。

Thank you.

謝謝你。

Adam Frisch from UBS, you may ask your question.

瑞銀的亞當弗里施，你可能會問你的問題。

Thanks, guys.

多謝你們。

Congrats on the deal in the quarter.

祝賀本季度的交易。

Wanted to ask you a different question, first for Joe and then Byron, I had a question for you.

想問你一個不同的問題，首先是問喬，然後是拜倫，我有一個問題要問你。

Joe, there obviously was a lot of time and resources spent on the deal, not only in the past month on the road but also the several quarters before that from your management team.

喬，顯然在這筆交易上花費了很多時間和資源，不僅在過去一個月的路上，而且在此之前的幾個季度，你的管理團隊也是如此。

Do you feel now that the deal is done, everyone is back in their seats doing their regular jobs, that you kind of -- you made up maybe some of the lost time that was spent on the transaction itself or do you feel you still have some stuff to do there to get back up to speed or back to where you want to be and what would those issues be?

您現在是否覺得交易已經完成，每個人都回到了他們的座位上，做他們的正常工作，您有點 - 您可能彌補了一些浪費在交易本身上的時間，或者您覺得您仍然有在那裡做一些事情來恢復速度或回到你想要的地方，這些問題會是什麼？

Well, I can assure you that we're back to work on a full-time -- actually on an overtime basis.

好吧，我可以向你保證，我們會全職工作——實際上是加班。

I'm very happy with the progress that we're making.

我對我們正在取得的進展感到非常高興。

We have a great management team and we're all focused on going in the same direction and we're continuing to do the things that we have indicated publicly that we're going to do and I'm very confident we're going to get where we said we were going and that things will work out well.

我們擁有一支優秀的管理團隊，我們都專注於朝著同一個方向前進，我們將繼續做我們公開表明我們將要做的事情，我非常有信心我們會做到達我們說要去的地方，事情會順利進行。

Okay.

好的。

And then Byron, a follow-up.

然後是拜倫，後續行動。

You said the three-year target for operating margins is in the low 40s but you're there already.

您說營業利潤率的三年目標是 40 多歲，但您已經到了。

Where do you expect, if that were to change two things, one, which line items would you expect the most divergence from your prior expectations and what time of year would you address them?

如果這會改變兩件事，您預計會在哪裡發生變化，第一，您認為哪些項目與您之前的期望差異最大，您會在一年中的什麼時候解決這些問題？

Would they be as you go or would you only update those three-year guidance metrics at certain times of the year like fiscal year-end calls or something like that.

他們會像你一樣，還是你只會在一年中的某些時候更新那些三年指導指標，比如財政年終電話會議或類似的事情。

Let me respond to the first part of your statement which is that you're already there.

讓我來回應你聲明的第一部分，即你已經在那裡。

I just want to remind the group that yes, in the first and second quarter our adjusted operating margins are above the level that we've been guiding to, namely low 40s.

我只想提醒大家，是的，在第一季度和第二季度，我們調整後的營業利潤率高於我們一直在指導的水平，即 40 年代的低水平。

But the level of spending in the first and second quarter of the fiscal year is lower than what we expect in the second half, both in the third and fourth quarter.

但本財年第一季度和第二季度的支出水平低於我們對下半年的預期，無論是第三季度還是第四季度。

And so when we guide to low 40s, we have in mind a full year perspective with a higher spend level, particularly in the marketing area and in what we designate as professional fees, which is the category in which we booked a lot of the cost associated with new product initiatives, which we will be intensifying that focus in the second year now that everybody is back in their seats, so-to-speak.

因此，當我們引導到 40 歲以下時，我們考慮的是具有更高支出水平的全年展望，特別是在營銷領域和我們指定的專業費用，這是我們預訂大量成本的類別與新產品計劃相關聯，我們將在第二年加強關注，因為每個人都回到了他們的座位上，可以這麼說。

And as we think about the margin going forward, again, I would just remind the group that Visa did not exist as a global entity prior to October 3, 2007.

當我們考慮未來的利潤時，我想再次提醒大家，Visa 在 2007 年 10 月 3 日之前並不作為一個全球實體存在。

And so we still have a lot of work to do to evaluate the appropriate levels of marketing, which we intend to put under a very thoughtful return on investment set of criteria.

因此，我們還有很多工作要做來評估適當的營銷水平，我們打算將其置於一套非常周到的投資回報標準之下。

The second line that we will be looking very hard at is the professional fees.

我們將非常關注的第二條線是專業費用。

In order to sustain longer term, double-digit revenue growth, we are very committed to launching new product and the development of those new product initiatives, a lot of that cost will be in the professional fee line.

為了維持長期、兩位數的收入增長，我們非常致力於推出新產品和開發這些新產品計劃，其中大部分成本將用於專業費用。

And then also, as you can imagine with the merging of the businesses, there's a lot of rationalization still to take place as we integrate all the different regions into a streamlined, cost effective global enterprise and so we would expect over time to have adjustments in the personnel line.

此外，正如您可以想像的那樣，隨著業務的合併，隨著我們將所有不同的地區整合成一個精簡、具有成本效益的全球企業，我們仍然需要進行很多合理化，因此我們預計隨著時間的推移會在人事路線。

So I would say those are the three lines to focus on and our guidance today reflects in part that we still need some thoughtful time together to engineer those to an appropriate level, at which time if our margin guidance changed, we will update all of you.

因此，我想說這是要重點關注的三條線，我們今天的指導部分反映了我們仍然需要一些深思熟慮的時間來將它們設計到適當的水平，屆時如果我們的保證金指導發生變化，我們將更新你們所有人.

Okay.

好的。

Does Antonio have any update or do you have any update on Antonio's analysis of the marketing expense, or what kind of time frame are we looking at on that?

安東尼奧是否有任何更新，或者您對安東尼奧對營銷費用的分析有任何更新，或者我們正在考慮什麼樣的時間框架？

Later this calendar year we will be able to talk about that, recognizing, again, that Antonio has only been with us -- Antonio, for those on the phone, is our Chief Marketing Officer has only been with us several months and has well under way a review globally of all our marketing and promotional programs and so much more to come later in the year.

今年晚些時候，我們將能夠談論這一點，再次認識到，安東尼奧只和我們在一起——安東尼奧，對於那些打電話的人來說，是我們的首席營銷官，只和我們在一起幾個月，而且還遠遠不夠在全球範圍內回顧我們所有的營銷和促銷計劃，以及今年晚些時候推出的更多計劃。

Okay.

好的。

Thanks, guys.

多謝你們。

Craig Maurer from Calyon, you may ask your question.

來自 Calyon 的 Craig Maurer，你可以問你的問題。

Good afternoon.

下午好。

Two questions, one on marketing.

兩個問題，一個關於營銷。

If you strip out what you're doing around the Olympics, would the U.S.

如果你去掉你在奧運會期間所做的事情，美國會這樣做嗎？

-- would you be seeing less opportunity in the U.S.

——你會在美國看到更少的機會嗎？

right now?

馬上？

So would your domestic budget on marketing be shrinking?

那麼您的國內營銷預算會縮減嗎？

And two, are there any pricing changes that we should expect to see coming down the pike, whether it be on cross-border or whatnot in coming quarters?

第二，我們應該期待看到價格變化，無論是跨境還是未來幾個季度？

Thanks.

謝謝。

Well, the answer to the question is that we get some of our strongest return on investments in advertising that we do in the United States.

嗯，這個問題的答案是，我們從在美國所做的廣告投資中獲得了一些最強勁的回報。

And particularly that advertising that is associated with expanding the usage parameters of the card.

尤其是與擴展卡的使用參數相關的廣告。

We've moved with the debit card and the credit card into a lot of payment categories, fast food, utilities, and a number of things and it's been helped, aided by our advertising.

我們已經將藉記卡和信用卡轉移到許多支付類別、快餐、公用事業和許多事物中，並且在我們的廣告的幫助下得到了幫助。

But I don't want to get -- I don't think I should get too involved in that at this particular point in time, other than to say from a budgeting point of view and what we anticipate our marketing spending is very consistent with everything that we planned for the year.

但我不想 - 我認為我不應該在這個特定時間點過多參與，除了從預算的角度來看，我們預計我們的營銷支出與我們為這一年計劃的一切。

And so, by the way, is our budget for the third and the fourth quarter.

順便說一下，我們的第三季度和第四季度的預算也是如此。

We are probably in a position to slightly overdeliver on what we had as an initial budget, but basically we're really quite on track and we are on track on a quarter by quarter basis as it relates to margins and everything else.

我們可能能夠稍微超額交付我們的初始預算，但基本上我們真的很正常，我們每個季度都在按季度進行，因為它與利潤和其他一切有關。

On the pricing front, as you may recall, most of the pricing adjustments we made were done in 2007 and in fact we're beginning to annualize some of those expenses, some of those adjustments, many of which were initiated in the -- and became effective at the beginning of the third fiscal quarter of 2007.

在定價方面，您可能還記得，我們所做的大部分定價調整都是在 2007 年完成的，事實上，我們開始對其中一些費用進行年度化，其中一些調整，其中許多是在 - 和於 2007 年第三財季開始生效。

So the primary adjustments we made to bring us to a much more comparable level to MasterCard were done in '07.

因此，我們為使我們達到與萬事達卡更具可比性的水平所做的主要調整是在 07 年完成的。

We have some much more modest price increases that -- or adjustments that are being made effective this month.

我們有一些更溫和的價格上漲 - 或者本月正在生效的調整。

They relate to U.S.

它們與美國有關

ISA fees and so that the level of price adjustment in '08 is much more modest.

ISA 費用，因此 08 年的價格調整水平要溫和得多。

We feel that our pricing levels now are very comparable, maybe slightly lower, but pretty comparable to MasterCard.

我們覺得我們現在的定價水平非常相似，可能略低，但與萬事達卡相當。

Okay.

好的。

Thanks, gentlemen.

謝謝，先生們。

Dan Perlin from Wachovia Securities, you may ask your question.

美聯證券的 Dan Perlin，你可以問你的問題。

I just want to make sure I heard one of the things correctly.

我只是想確保我正確聽到了其中一件事。

Byron, you said January to March data is trending kind of right in line with what we've seen and then you threw out revenue numbers at the high end, 11 to 15%.

拜倫，你說 1 月至 3 月的數據趨勢與我們所看到的一致，然後你拋出了 11% 至 15% 的高端收入數字。

So are you saying that the January to March domestic numbers are running at 15%?

那麼你是說 1 月至 3 月的國內數據為 15% 嗎？

Yes, so the--.

是的，所以——。

Would that compare to the 12% that you just--?

這會與你剛剛的 12% 相比嗎？

Let me clarify.

讓我澄清一下。

What we said was the January -- we have very clear visibility to our payment volume numbers for January, February and March, which are the primary driver of our service fee income for the next quarter.

我們所說的是 1 月——我們對 1 月、2 月和 3 月的支付量數字有非常清晰的可見性，這是我們下一季度服務費收入的主要驅動力。

So January, February and March payment volume informs service fee income, in this case in fiscal Q3.

因此，1 月、2 月和 3 月的支付量會影響服務費收入，在這種情況下是在第三財季。

Based on our visibility to that purchase volume and how it translates into our net revenue, we are guiding or we are forecasting that our revenue should be in the upper end of 11 to 15% range that we have guided for the enterprise globally, recognizing that that service fees represent around 40% of our total net revenue.

根據我們對該購買量的可見性以及它如何轉化為我們的淨收入，我們正在指導或預測我們的收入應處於我們為全球企業指導的 11% 至 15% 範圍的上限，認識到服務費約占我們總淨收入的 40%。

Right.

正確的。

And this compares to what maybe you had originally thought which would have been somewhere in the 11% range?

這與您最初認為的可能在 11% 範圍內的某個值相比？

What we had originally anticipated at the beginning of the fiscal year, so this would have been back in that September, October time frame, was that the looming specter of a U.S.

我們最初在本財年開始時所預期的，所以這將回到那個 9 月、10 月的時間框架內，那就是美國即將到來的幽靈。

downturn would start to impact us by the third and fourth quarter, fiscal quarter, so our original expectation was that we would have purchase volume in the U.S.

經濟低迷將在第三季度和第四季度，即財政季度開始影響我們，因此我們最初的預期是我們將在美國有採購量。

that would have been lower than what we actually saw in the January through March time period.

這將低於我們在 1 月至 3 月期間實際看到的情況。

Good.

好的。

So that's a notable pickup.

所以這是一個值得注意的皮卡。

Can you just remind us the incremental Olympic spend expected in the second half?

您能否提醒我們下半年預計的奧運支出增量？

I don't think we can remind what we didn't--.

我不認為我們可以提醒我們沒有——。

I'll try it again.

我會再試一次。

But we appreciate you asking.

但我們感謝您的提問。

Very good.

很好。

I'll hop off.

我會下車的。

Thank you.

謝謝你。

Sanjay Sakhrani from KBW you may ask your question.

來自 KBW 的 Sanjay Sakhrani 你可能會問你的問題。

You guys had talked about a framework around the restructuring.

你們談到了圍繞重組的框架。

I just was wondering sort of where you guys were in the process.

我只是想知道你們在這個過程中的位置。

I think, Byron, you mentioned that the synergy number that you guys have talked about is still a moving target.

我認為，拜倫，你提到你們談到的協同數字仍然是一個移動的目標。

Again, as you all can appreciate, we have done a preliminary analysis of the synergy or cost reduction or cost improvement opportunities associated with bringing together the five regions that merged on October 3.

同樣，正如大家所了解的那樣，我們已經對 10 月 3 日合併的五個地區的協同作用或成本降低或成本改進機會進行了初步分析。

On a preliminary basis, management has identified approximately $300 million worth of cost opportunity, which it believes is attainable over the next two years.

管理層初步確定了價值約 3 億美元的成本機會，並認為在未來兩年內可以實現。

So that's where we currently stand with regards to expense opportunity, but I'll just remind the group at the same time that it is our intent to reinvest aggressively into new product initiatives and much of that reinvestment does take the form of expense.

因此，這就是我們目前在支出機會方面的立場，但我會同時提醒該小組，我們打算積極再投資於新產品計劃，並且大部分再投資確實採取了支出的形式。

So in the coming quarters, we will talk more about our progress on this front, but that gives you our initial view of what the cost opportunity was as it relates to the merger.

因此，在接下來的幾個季度中，我們將更多地討論我們在這方面的進展，但這讓您初步了解與合併相關的成本機會是什麼。

Okay.

好的。

And just one follow-up.

只有一次跟進。

On the volume numbers just so I'm clear, you guys mentioned January through March being pretty solid, but is there any color on April and May?

關於數量，我很清楚，你們提到 1 月到 3 月非常穩定，但是 4 月和 5 月有什麼顏色嗎？

I would assume you guys saying there's no discernible impact means April and May are pretty okay too?

我假設你們說沒有明顯的影響意味著 4 月和 5 月也很好？

Well, Byron can discuss that further but May isn't here yet and we're--.

好吧，拜倫可以進一步討論，但梅還沒來，我們 -。

I'm sorry, April.

對不起，四月。

Byron, go ahead.

拜倫，繼續。

Yes.

是的。

So if -- this is a little bit like reading tea leaves, but if you take a look at March and April as opposed to January and February, we are starting to see some potential softening, particularly in traditional credit, but at the same time there is no discernible trend yet that we can call out and what is adding to the difficulty in reading it is the Easter shift, which last year Easter was in April, this year it was in March and that's, given the retail impact that that has, it muddies the waters.

所以如果 - 這有點像閱讀茶葉，但如果你看一下 3 月和 4 月而不是 1 月和 2 月，我們開始看到一些潛在的軟化，特別是在傳統信貸方面，但同時目前還沒有我們可以指出的明顯趨勢，而增加閱讀難度的是複活節的轉變，去年復活節是在四月，今年是在三月，鑑於這對零售業的影響，它使水變得渾濁。

But so possibly, but no clear discernible trend yet, but stepping back, we do expect to still see strong double-digit year-over-year growth and sequentially we still expect to see lift in both payment volume and net revenue quarter-to-quarter.

但有可能，但尚無明顯可辨別的趨勢，但退後一步，我們確實預計仍會看到強勁的兩位數同比增長，並且我們仍然預計支付量和淨收入季度環比都將上升四分之一。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Patrick Burton from CitiGroup, you may ask your question.

花旗集團的帕特里克·伯頓，你可能會問你的問題。

Yes, hi, congratulations on a very solid quarter, guys.

是的，大家好，恭喜你取得了一個非常穩定的季度。

My question is for Byron, and that is the international transaction fee revenue, the actual dollar amount was down from the first quarter, which is the first time that's happened in the last five quarters.

我的問題是針對拜倫的，那就是國際交易費收入，實際美元金額比第一季度有所下降，這是過去五個季度中的第一次。

Can you talk about what's underlying international transaction fees?

您能談談潛在的國際交易費用嗎？

Yes, so on the -- what I would say, this one is -- has not normalized yet because, number one, we did have some pricing adjustments to that line in the previous year.

是的，所以 - 我要說的是 - 還沒有正常化，因為第一，我們確實在前一年對這條線進行了一些定價調整。

It is also one that is seasonal and so it's got to be careful at looking at it from quarter-to-quarter.

它也是一個季節性的，因此必須小心地查看每個季度的數據。

At the moment, we've got strong year-over-year growth and I think once this year runs out and we annualize the pricing adjustments, it will be easier to read what the underlying activity -- what the underlying activity is that's driving it.

目前，我們有強勁的同比增長，我認為一旦今年結束並且我們將定價調整年度化，將更容易閱讀基礎活動 - 推動它的基礎活動.

This is clearly one of the more volatile lines in the revenue component, because it's so directly related to travel, currency impact is another factor that influences the amount we ultimately book at revenue.

這顯然是收入部分中波動較大的線路之一，因為它與旅行直接相關，貨幣影響是影響我們最終按收入預訂金額的另一個因素。

And as I indicated earlier, this is an area where we took some pricing adjustment outside the U.S.

正如我之前指出的，這是我們在美國以外進行一些定價調整的領域。

last year.

去年。

We're doing it modestly inside the U.S.

我們在美國國內做的很謙虛。

this year.

今年。

So this line will take a a year before it normalizes.

所以這條線需要一年時間才能正常化。

In terms of the underlying level of travel, however you want to define it, you're not seeing any slowdown there yet with the economy?

就旅行的基本水平而言，無論您想如何定義它，您還沒有看到經濟放緩嗎？

No.

不。

What we're seeing, we're seeing strong growth, both in the U.S.

我們所看到的，我們看到了強勁的增長，無論是在美國。

as well as outside the U.S.

以及美國以外的地區

So if it's a slowdown, it's not discernible to us yet.

因此，如果它是放緩，我們還無法辨別。

Okay.

好的。

Thank you.

謝謝你。

Chris Brendler from Stifel Nicolaus, you may ask your question.

來自 Stifel Nicolaus 的 Chris Brendler，你可以問你的問題。

Thanks.

謝謝。

Good afternoon.

下午好。

Can you talk at all about -- I'm a little confused a lot of it hasn't been asked already.

你能談談 - 我有點困惑，很多都沒有被問到。

But the transaction growth of 15% in March, is a pretty material acceleration from recent quarters.

但 3 月份 15% 的交易增長，與最近幾個季度相比是相當實質性的加速。

Any additional color on what drove the bump in transaction growth?

是什麼推動了交易增長的增長？

Well, I don't think we've talked about transaction growth.

好吧，我認為我們沒有談論過交易增長。

We've talked about dollar volume growth and revenue growth.

我們已經談到了美元數量的增長和收入的增長。

This is a March number too.

這也是三月的數字。

It's sort of the opposite of what we'd think.

這與我們的想法相反。

You saw actual pick-up in transactions in March quarter.

您看到 3 月季度的交易量實際回升。

It's the quarter ended March.

這是截至 3 月的季度。

So recognizing that the prime -- that a major driver of our growth over the past quarter has been debit and that debit typically has a lower average ticket than credit does, for a given payment volume that has a higher mix of debit, you would expect to see some acceleration in the growth of transaction versus the mix of a year ago, which would have been somewhat less in debit.

因此，認識到主要因素——我們過去一個季度增長的主要驅動力是藉方，而藉方的平均票數通常低於貸方，對於具有更高借方組合的給定支付量，你會期望看到交易增長與一年前的組合相比有所加速，這在藉方方面會有所減少。

Okay.

好的。

So it's a function of just the math of the average ticket?

所以它只是平均票的數學函數？

It's a -- yes, it's a function of debit usage, is more transaction intensive per dollar of spend than credit.

這是一個 - 是的，它是藉記使用的函數，每美元支出的交易密集度高於信用卡。

Okay.

好的。

And then have you discussed or disclosed at all what percentage of your revenues are transaction based rather than volume based?

然後你有沒有討論或披露過你的收入中有多少百分比是基於交易而不是基於數量的？

No, we haven't.

不，我們沒有。

It's not as simple as just service fees or volumes, the rest is transactions?

不只是服務費或交易量那麼簡單，剩下的就是交易？

What we -- well, we haven't disclosed that at this point yet, but we'll take that thought under advisement.

我們 - 好吧，我們目前還沒有透露，但我們會考慮這個想法。

Okay.

好的。

Thank you.

謝謝你。

Tim Willi from Avondale Partners, you may ask your question.

來自 Avondale Partners 的 Tim Willi，您可以提出您的問題。

Thanks, good afternoon.

謝謝，下午好。

A question about the emerging markets, I would expect that in the coming years you'll have lots of press releases about new technologies and payments tools, et cetera.

一個關於新興市場的問題，我預計在未來幾年你會有很多關於新技術和支付工具等的新聞稿。

I guess my curiosity is that some of the stuff you're working on and incubating and you look at the global payments marketplace, are there any types of payments where you're going to develop something that you think could actually have a significant impact on adoption of electronic payments and subsequently volume and transaction growth or should we expect that as you announce new products and technologies, that these really just are tools that support sort of sustainable growth rate of volumes and transactions that you've articulated?

我想我的好奇心是你正在研究和孵化的一些東西，你看看全球支付市場，是否有任何類型的支付，你將開發一些你認為實際上可能對它產生重大影響的東西電子支付的採用以及隨之而來的交易量和交易量的增長，還是我們應該期待在您宣布新產品和技術時，這些真的只是支持您所闡述的交易量和交易量的可持續增長率的工具？

Well, the answer to that is a little bit of both, I guess.

好吧，我想，答案是兩者兼而有之。

I think if you look at our primary initiatives, we've separated them into -- well, actually six categories, so if you look at globalizing our debit product, that's transferring our current technology.

我認為，如果您查看我們的主要計劃，我們已將它們分為 - 嗯，實際上是六個類別，因此，如果您考慮使我們的借記產品全球化，那就是轉移我們當前的技術。

But pretty much as it exists today.

但幾乎就像今天一樣。

If you look at prepaid cards, that is a relatively new platform, so we're -- we're initiating a relatively different processing capability into the market.

如果你看一下預付卡，那是一個相對較新的平台，所以我們 - 我們正在向市場推出一種相對不同的處理能力。

If you look at the money transfer, that's an entirely new business that we are trying to get into, so that would be new technology.

如果你看一下匯款，那是我們正在嘗試進入的全新業務，所以這將是新技術。

If you look on the other side of the coin at the Internet and mobile technology, those are initiatives that we use to both generate more volume by getting a greater share of the volume that is out there, and it's of course in a space, the Internet, which is growing in and of itself.

如果你看看互聯網和移動技術的另一面，我們使用這些舉措來通過獲得更大份額的交易量來產生更多的交易量，而且它當然是在一個空間中，互聯網，它本身正在成長。

And at the same time, since Internet is growing and since mobile technology will probably appear, we need to do those things to sustain our day-to-day volume.

同時，由於互聯網正在發展，而且移動技術可能會出現，我們需要做這些事情來維持我們的日常業務量。

But it's a combination of sustaining your day-to-day volume and doing it in a way that allows you to capture a larger part of the market than we currently have.

但這是維持您的日常交易量並以一種可以讓您佔領比我們目前更大的市場份額的方式的結合。

Just to make sure I understand, the answer there is that it is possible, I guess, to maybe not one single product or press release announcement could change the way we think about the growth rate of the Company, but there is a possibility here that whether it be a geographic region or international versus domestic, that you do see things in development or just taking existing platforms and moving them overseas where we could say hey, growth rates here actually could accelerate for a couple years because we've made something much more widely available, or it's hitting a point of critical mass rather than sort of just a trend line kind of growth rate that will never really accelerate and deviate from where it's at?

只是為了確保我理解，答案是有可能，我猜，也許沒有一個單一的產品或新聞稿可以改變我們對公司增長率的看法，但這裡有可能無論是地理區域還是國際與國內，您確實看到了正在開發的東西，或者只是將現有平台轉移到海外，我們可以說嘿，這裡的增長率實際上可能會加速幾年，因為我們已經做了很多事情更廣泛地可用，或者它正在達到臨界點，而不僅僅是一種趨勢線的增長率，這種增長率永遠不會真正加速並偏離它所在的位置？

Well, obviously, we have a huge opportunity to move technology out of the U.S.

好吧，顯然，我們有很大的機會將技術移出美國。

and move products out of the U.S.

並將產品移出美國

and into the rest of the world and simply by doing that, we create an enormous opportunity.

並進入世界其他地方，僅僅通過這樣做，我們就創造了一個巨大的機會。

But we're also, as I said, developing new technologies and new products and I think that the answer lies in the nexus of all of those things and how they come together over the next few years, but I think it will result in phenomenal growth opportunities for us.

但正如我所說，我們也在開發新技術和新產品，我認為答案在於所有這些東西的聯繫以及它們在未來幾年如何結合在一起，但我認為這將導致驚人的結果我們的成長機會。

Great.

偉大的。

Thank you very much.

非常感謝。

Chris Mammone from Deutsche Bank, you may ask your question.

德意志銀行的 Chris Mammone，你可以問你的問題。

Hi, thanks.

你好謝謝。

First, just to confirm, related to the Olympics that the bulk of advertising spending will occur in the quarter that the Olympics occur, I guess that would be your fiscal fourth quarter, not the quarter leading into the Olympics?

首先，只是為了確認，與奧運會有關的大部分廣告支出將發生在奧運會舉辦的那個季度，我猜那將是你們的財政第四季度，而不是進入奧運會的那個季度？

Your fiscal third quarter.

您的第三財季。

And then also, is there anything else on the marketing front this fiscal year besides the Olympics that could be -- could cause a discernible increase in marketing spend?

此外，除了奧運會之外，本財年的營銷方面還有什麼其他可能會導致營銷支出明顯增加嗎？

Well, I mean, the Olympic advertising is going to be initiated on May 15, and it will run through the Olympics, obviously it will stop when the Olympics are over.

嗯，我的意思是，奧運廣告要在5月15日啟動，並且貫穿整個奧運，顯然奧運結束後就停止了。

The primary thrust of it will be from the middle of May until August, when the Olympics end.

它的主要推動力將從五月中旬到八月奧運會結束。

Was there a second point to the question?

這個問題還有第二點嗎？

Yes, just I guess besides the Olympics, are there any other one-off events through the course of the rest of the fiscal year that could cause a discernible lift in the marketing expenditure?

是的，我想除了奧運會之外，在本財年的剩餘時間裡，是否還有其他一次性事件可以導致營銷支出明顯增加？

I think that when we've talked about our marketing budget in the past or when we were on the road show, we talked about the marketing budget being in the neighborhood of $1 billion or a little bit -- or just a little bit more.

我認為，當我們過去談論我們的營銷預算或進行路演時，我們談到的營銷預算大約為 10 億美元或一點點——或者更多一點。

And that's where we expect our marketing spend to be at this point in time.

這就是我們希望我們的營銷支出在這個時間點上的地方。

Okay.

好的。

Thanks.

謝謝。

Greg Smith from Merrill Lynch, you may ask your question.

來自美林證券的 Greg Smith，你可能會問你的問題。

Hi, guys.

嗨，大家好。

In the S1 you guys talked about some revenues paid by Visa Europe that could possibly go away as Visa Europe builds some of their own processing engines.

在 S1 中，你們談到了 Visa Europe 支付的一些收入，隨著 Visa Europe 構建自己的一些處理引擎，這些收入可能會消失。

Is that in fact still the case and is there any way to size that or give us timing on when those revenues could possibly go away?

事實是否仍然如此，是否有任何方法可以確定這些收入的規模或讓我們確定這些收入何時可能消失？

We, on an ongoing basis, provide certain services to Visa Europe, mostly in the form of programming capability type service fees.

我們持續向 Visa Europe 提供某些服務，主要是以編程能力類服務費的形式。

This is pretty much a fee for labor incurred so -- and these amounts are not material.

這幾乎是由此產生的人工費用——而且這些金額並不重要。

The only real material amount is the licensing fee, which is roughly $142 million a year and so while there is clearly some possibility that some of those services may decline over time, they're just not going to be -- they're not going to be material to our revenue.

唯一真正的實質性金額是許可費，每年大約為 1.42 億美元，因此雖然其中一些服務顯然有可能隨著時間的推移而下降，但它們不會——它們不會對我們的收入很重要。

Okay.

好的。

Perfect.

完美的。

That clears it up.

這清除了它。

Then just lastly, MasterCard obviously launched a new debit processing platform.

最後，萬事達卡顯然推出了一個新的借記卡處理平台。

What kind of competitive threat do you view that as and anything that they're offering that you are not currently offering?

你認為什麼樣的競爭威脅是他們提供的，而你目前沒有提供的任何東西？

Well, we did it 10 years ago and we think that we've refined it over that period of time to where we have a world class and the best debit processing platform in the world and we don't -- while we're mindful of what MasterCard has done and we are respectful of what they have done, we consider them to be significant competitors and terrific people who have done a terrific job, we're very, very comfortable with our debit platform.

好吧，我們在 10 年前就做到了，我們認為我們在那段時間裡已經對其進行了改進，使我們擁有世界一流和世界上最好的借記卡處理平台，但我們沒有——雖然我們很注意萬事達卡所做的事情，我們尊重他們所做的事情，我們認為他們是重要的競爭對手和出色的工作人員，我們對我們的借記卡平台非常非常滿意。

Okay.

好的。

Thanks a lot.

非常感謝。

Appreciate it.

欣賞它。

Operator at this time we probably have one more question, time for one more question.

接線員此時我們可能還有一個問題，是時候再問一個問題了。

Howard Shapiro, you may ask your question.

霍華德夏皮羅，你可以問你的問題。

Thank you very much.

非常感謝。

Congratulations for a great start out of the gate.

恭喜您有一個良好的開端。

You guys have talked from a number of perspectives about what's driving growth in the U.S.

你們從多個角度討論了推動美國增長的因素。

and overseas.

和海外。

Wondering if you can help us decompose the volume growth in the U.S., just a little more precisely and tell us what the breakdown is between discretionary and non-discretionary spend, how non-discretionary spend is holding up or maybe even growing and contributing to the better than expected growth in the U.S.

想知道您是否可以幫助我們更準確地分解美國的銷量增長，並告訴我們可自由支配支出和非可自由支配支出之間的細分是什麼，非可自由支配支出如何保持甚至增長和貢獻美國經濟增長好於預期

Thanks very much.

非常感謝。

So the -- when you look at the -- when you deconstruct the growth in the U.S., I think as Joe mentioned earlier, the debit -- the growth in debit, both in cards issued and in spend is very, very solid and a significant increment above credit at this time.

所以 - 當你看 - 當你解構美國的增長時，我認為正如喬之前提到的借記卡 - 借記卡的增長，無論是發卡還是消費，都非常非常穩固，在這個時候比信用顯著增加。

So that's the primary driver of growth, although both are experiencing -- are in fact growing.

所以這是增長的主要驅動力，儘管兩者都在經歷——實際上正在增長。

When it comes to non-discretionary versus discretionary, this is, again, more of a debit story in the sense that if you deconstruct our debit spend and look at the discretionary, non discretionary, non-discretionary would be a little over 50%, whereas non discretionary on credit is more in the range of 30%.

當談到非全權委託與全權委託時，這又是一個借方故事，因為如果你解構我們的借方支出並查看全權委託、非全權委託、非全權委託將略高於 50%，而非全權委託信貸則更多在 30% 的範圍內。

So as debit continues to pick up share of U.S.

因此，隨著借記卡在美國的份額繼續上升

payment volume for Visa, the component that is non-discretionary is naturally rising and so today it would be in the 40% range, non-discretionary for the combination of consumer debit and consumer credit.

Visa的支付量，非自由裁量部分自然上升，因此今天它將在40％的範圍內，對於消費者藉記卡和消費信貸的組合來說是非自由裁量的。

There are also a lot of power ticket items that would be considered discretionary that go through debit cards as we have expanded the (inaudible) parking lots, movie theaters, fast food restaurants, laundry mats, things that while they may not be non-discretionary, they tend to in this type of economy anyway, so we're very bullish on what's going on with our debit product now and it is fueling significant growth in the U.S.

隨著我們擴大了（聽不清的）停車場、電影院、快餐店、洗衣墊，雖然它們可能不是非自由裁量的東西，但也有很多被認為是可自由支配的電票項目通過借記卡，無論如何，他們傾向於在這種類型的經濟中，所以我們非常看好我們的借記產品現在正在發生的事情，它正在推動美國的顯著增長。

Great.

偉大的。

Thank you very much.

非常感謝。

And thank you all for joining us today.

感謝大家今天加入我們。

If anybody has follow-up questions, please feel free to call Investor Relations.

如果有人有後續問題，請隨時致電投資者關係部。