Visa Inc (V) 2008 Q3 法說會逐字稿

Welcome to Visa, Inc.'s third quarter earnings conference call.

歡迎參加 Visa, Inc. 第三季度財報電話會議。

All participants are in a listen only mode.

所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

If you have any objections you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

I would like to turn the call to your host, Mr.

我想把電話轉給你的主人，先生。

Jack Carsky, head of Investor Relations for Visa Incorporated.

Visa Incorporated 投資者關係主管傑克·卡斯基 (Jack Carsky)。

Sir, you may begin.

先生，您可以開始了。

Thanks, Kelly.

謝謝，凱利。

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

大家下午好，歡迎參加 Visa, Inc. 第三財季財報電話會議。

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 investor relations section on our website at www.investor.visa.com.

可在我們網站 www.investor.visa.com 的投資者關係部分訪問。

A replay of the website cost be archived on our site.

網站費用的重播將存檔在我們的網站上。

A PowerPoint deck containing highlights of the commentary was posted to the website prior to this call.

在本次電話會議之前，網站上發布了包含評論要點的 PowerPoint 幻燈片。

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 may 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 the investor relation 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，這些文件可通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

For historical nonGAAP or pro forma related financial information disclosed in this call, the related GAAP measures and other regulation required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal third 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，美國證券交易委員會 G 條例要求的相關 GAAP 措施和其他法規可在我們第三財季財報新聞稿隨附的財務和統計摘要中找到。

This release can be also accessed through the investor relations section of our website.

也可以通過我們網站的投資者關係部分訪問此新聞稿。

With that, I will turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thanks, Jack.

謝謝，傑克。

And thanks to all of you for joining us this afternoon.

感謝大家今天下午加入我們。

For some time now we have been saying that Visa, while not immune to economic downturn does have a high degree of resiliency embedded in this business model.

一段時間以來，我們一直在說 Visa 雖然不能免受經濟衰退的影響，但在這種商業模式中確實具有高度的彈性。

The proof of this resiliency can be seen in our latest earnings results.

在我們最新的收益結果中可以看到這種彈性的證明。

For fiscal third quarter 2008 Visa's net income on an adjusted basis was $457 million which is a 40% increase over the prior year's third quarter on a pro forma basis.

在 2008 財年第三季度，Visa 調整後的淨收入為 4.57 億美元，比去年第三季度的備考增長了 40%。

This equates to adjusted diluted earnings of $0.59 per share.

這相當於調整後的攤薄收益為每股 0.59 美元。

Net operating revenues in fiscal third quarter were strong at $1.6 billion or an increase of 18% over the third quarter of 2007 on a pro forma basis as we again saw strong growth across all fee categories.

第三財季的淨營業收入強勁，達到 16 億美元，比 2007 年第三季度的備考基礎上增長了 18%，因為我們再次看到所有費用類別的強勁增長。

As anticipated, we are seeing operating revenues running more in line with our long-term guidance and volume growth rates and we expect this dynamic to continue.

正如預期的那樣，我們看到營業收入的運行更符合我們的長期指導和銷量增長率，我們預計這種動態將繼續下去。

Last year's price adjustments which were in full effect by Q3 of 2007 had a much more muted impact than the third quarter's results this year.

去年的價格調整在 2007 年第三季度完全生效，其影響比今年第三季度的結果要小得多。

Byron will discuss the individual revenue line items in a moment.

Byron 稍後將討論各個收入項目。

We have also begun to realize the positive impact of our operating scale and our efforts in reorganizing Visa as a publicly traded company.

我們也開始意識到我們的經營規模和我們將 Visa 重組為上市公司的努力所產生的積極影響。

Revenue growth is strong and our expense base is currently growing at a very modest rate.

收入增長強勁，我們的支出基礎目前正以非常溫和的速度增長。

We delivered operating margins ahead of our internal expectations and external guidance over the span of our short public life.

在我們短暫的公共生活中，我們提供了超出內部預期和外部指導的營業利潤率。

Given the opportunities to continue to leverage the scale and effectively manage our expenses, we are increasing our longer term adjusted operating margin guidance to the mid to high 40% range.

鑑於有機會繼續利用規模並有效管理我們的費用，我們正在將我們的長期調整後營業利潤率指導提高到 40% 的中高範圍。

Byron will get into the additional detail in a moment.

稍後，拜倫將進入更多細節。

From a broader economic perspective the financial markets in the economy, particularly here in the US, have clearly seen their share of turmoil since we last reported earnings at the end of April.

從更廣泛的經濟角度來看，自我們上次於 4 月底公佈財報以來，經濟中的金融市場，尤其是美國的金融市場，已經清楚地看到了它們在動盪中所佔的份額。

Our expectation going into our fiscal 2008 year was for a tougher economic times in the back half of the year and our revenue guidance contemplated this.

我們對 2008 財年的預期是下半年的經濟形勢會更加艱難，我們的收入指導也考慮到了這一點。

During the first three fiscal quarters we have exceeded our guidance and although the tougher climate is now here and will likely continue, we expect the fourth quarter -- the fourth fiscal quarter to be at the upper end of our revenue guidance range.

在前三個財政季度，我們已經超出了我們的指導，儘管現在更嚴峻的氣候已經到來並且可能會持續下去，但我們預計第四季度——第四財政季度將處於我們收入指導範圍的上限。

For the calendar quarter ending June 2008 on which are fourth fiscal quarter's US fee service revenue will be based, payment volume in the US though softening has held up pretty well.

對於截至 2008 年 6 月的日曆季度，第四財季的美國收費服務收入將以此為基礎，美國的支付量雖然疲軟，但仍保持良好狀態。

So what does this mean for Visa?

那麼這對Visa意味著什麼呢？

As we have publicly stated our business model remains resilient though not totally immune to the tough economic environment in the US and to some extent globally.

正如我們公開表示的那樣，我們的商業模式仍然具有彈性，儘管並非完全不受美國以及在一定程度上全球範圍內嚴峻的經濟環境的影響。

We continue to see secular shift to plastic, particularly in our debit products in the US and international volumes including cross boarder transactions are posting solid double digit growth.

我們繼續看到向塑料的長期轉變，特別是在我們在美國的借記產品和包括跨境交易在內的國際交易量正實現兩位數的穩健增長。

We continue to see increases in consumer driven nondiscretionary spending on cards.

我們繼續看到消費者驅動的非自由支配卡支出增加。

Through the end of June US consumer nondiscretionary spend as a percentage of total spend is up two percentage points over the end of 2007, and now represents 44% of overall Visa consumer payments volume in the United States.

截至 6 月底，美國消費者非自由支配支出佔總支出的百分比比 2007 年底增加了兩個百分點，現在占美國 Visa 消費者支付總額的 44%。

The 2% increase is represented by increased debit and credit card usage.

2% 的增長表現為藉記卡和信用卡使用量的增加。

So while we were maintaining a cautious posture, we were optimistic about the future.

因此，在我們保持謹慎姿態的同時，我們對未來持樂觀態度。

On the legislative front we had a busy quarter as well.

在立法方面，我們也有一個忙碌的季度。

As we were no longer subject to the IPO restrictions while speaking our company, we were able to make good headway in Washington on the issue of interchange and Visa's part in the process.

由於我們在談論我們公司時不再受 IPO 限制，因此我們能夠在華盛頓在交換問題和 Visa 在此過程中的作用方面取得良好進展。

This involved a significant amount of outreach committees and their members, as well as testimony from our management team.

這涉及大量外展委員會及其成員，以及我們管理團隊的證詞。

While there is no way of knowing for certain what the final outcome will be, we feel better knowing that the issues are being appropriately debated.

雖然無法確定最終結果會是什麼，但知道這些問題正在得到適當的辯論，我們會感覺更好。

We would also note that there has been opposition to the Conyers bill on both sides of the aisle as well as from consumer groups, credit union coalitions and the Department of Justice.

我們還注意到，過道兩邊以及消費者團體、信用合作社聯盟和司法部都反對康耶斯法案。

We will continue to actively participate in legislative and regulatory activities which affect our industry.

我們將繼續積極參與影響我們行業的立法和監管活動。

On the litigation front, there are a few developments to report in the Discover action which is a covered case on Visa's retrospective responsibility plan.

在訴訟方面，Discover 訴訟中有一些進展需要報告，該訴訟是 Visa 追溯責任計劃的涵蓋案例。

We recently entered into a judgment sharing agreement which allocates payment responsibilities between Visa and MasterCard for judgments or settlements in the Discover case, with Visa's share being larger primarily based on relevant volumes.

我們最近簽署了一項判決共享協議，該協議分配 Visa 和萬事達卡之間的支付責任，用於 Discover 案的判決或和解，Visa 的份額主要基於相關交易量。

At the same time we entered into a mutual release agreement in which Visa and MasterCard release any claims each may have against the other in connection to prior business practices.

同時，我們簽訂了相互解除協議，其中 Visa 和 MasterCard 解除雙方可能就先前的商業行為對對方提出的任何索賠。

This includes MasterCard's claims recording Visa settlement service fee which is references in the SEC filings is not a covered claim under our retrospective responsibility plan.

這包括萬事達卡記錄簽證結算服務費的索賠，這是美國證券交易委員會文件中的參考，不是我們追溯責任計劃的涵蓋索賠。

As a result of these agreements, we increased our litigation reserve for the quarter by $31 million on an after tax basis.

由於這些協議，我們在稅後基礎上將本季度的訴訟準備金增加了 3100 萬美元。

Because the Discover litigation and related claims are nonrecurring legacy items, we have not included these reserves in our adjusted income figures.

由於 Discover 訴訟和相關索賠是非經常性遺留項目，我們沒有將這些準備金包括在我們的調整後收入數據中。

With that let me turn the call to Byron who will take you through the financial results, and I will be back to provide more detail around some of the newer initiatives we have recently saw.

有了這個，讓我把電話轉給拜倫，他將帶你了解財務結果，我會回來提供更多關於我們最近看到的一些新舉措的細節。

Thank you, Joe.

謝謝你，喬。

If we are discussing the P&L, let me highlight some of the business and revenue driver from the quarter.

如果我們正在討論損益表，讓我強調一下本季度的一些業務和收入驅動因素。

Payment volume which is the key driver of revenue grew 19% to $652 billion over the same quarter of 2007, as we continued to see strong results across all of our regions.

2007 年同一季度，作為收入主要驅動力的支付量增長了 19%，達到 6520 億美元，因為我們繼續在所有地區看到強勁的業績。

Credit growth which was just under 19% worldwide while growing here in the US at a little over 8%, compared to debit in aggregate which grew closer to 20%, made up of a solid 16% growth domestically and a strong 44% internationally.

全球信貸增長略低於 19%，而美國增長略高於 8%，而藉方總體增長接近 20%，其中包括國內 16% 的穩健增長和國際 44% 的強勁增長。

We continued to view the secular migration to debit and the opening up of additional payment categories as very attractive near-term opportunities.

我們繼續將長期向借方轉移和開放其他支付類別視為非常有吸引力的近期機會。

For the calendar quarter through the end of June we have experienced continued solid payment volume growth in the US up 10%.

在截至 6 月底的日曆季度，我們在美國的支付量持續穩健增長 10%。

Though moderating a bit from the 12% we recorded for the March quarter, we have seen a fairly consistent monthly rate through the end of June and continuing into July.

儘管與我們在 3 月季度記錄的 12% 相比略有放緩，但我們看到到 6 月底並持續到 7 月的月率相當穩定。

Cross border volume growth which is currently growing at a robust mid to high teens rate has trended lower as well from the mid-20% range we experienced through March.

目前正以強勁的中高青少年速度增長的跨境交易量增長趨勢也從我們經歷的 20% 的中間範圍下降到 3 月。

The exception to this has been our CEMEA region which continues to grow in the mid-30%s range.

我們的 CEMEA 地區是個例外，該地區繼續在 30%s 左右的範圍內增長。

From an overall payment volume perspective we believe the combination of US debit and international growth will continue to provide growth momentum to our business in spite of the increasingly challenging economic backdrop.

從整體支付量的角度來看，儘管經濟背景日益嚴峻，我們相信美國借記卡和國際增長的結合將繼續為我們的業務提供增長動力。

Total transactions including payment and cash transactions were up 15% to $13.2 billion in the quarter ending March 2008 versus the prior year.

截至 2008 年 3 月的季度，包括支付和現金交易在內的總交易額比上一年增長了 15%，達到 132 億美元。

While the US grew approximately 12% during the period, we saw very strong gains across the globe highlighted by our CEMEA region by 24% and Asia/Pacific and Latin America at 20% and 18% representatively.

雖然美國在此期間增長了約 12%，但我們看到我們的 CEMEA 地區在全球範圍內的增長非常強勁，增長了 24%，亞太地區和拉丁美洲分別增長了 20% 和 18%。

Process transactions for those that we define as being processed over Visa's network totaled $9.5 billion in the fiscal third quarter, an increase of 13% over the similar period a year ago.

在第三財季，我們定義為通過 Visa 網絡處理的交易總額為 95 億美元，比去年同期增長 13%。

This transaction growth drove strong gains in data processing fees which rose 20% over the prior year to $539 million.

這種交易增長推動了數據處理費用的強勁增長，比上一年增長了 20%，達到 5.39 億美元。

Card growth for the period ending March was up 14% excluding Europe with over 1.6 billion cards now carrying the Visa brand.

除歐洲外，截至 3 月期間的信用卡增長率為 14%，目前有超過 16 億張帶有 Visa 品牌的信用卡。

Credit grew 14% to 814 million cards, while debit rose 15% to 850 million cards.

信用卡增長 14% 至 8.14 億張，而藉記卡增長 15% 至 8.5 億張。

On an international basis, credit card growth was very strong growing 19% year-over-year while international debit cards grew 16%.

在國際範圍內，信用卡增長非常強勁，同比增長 19%，而國際借記卡增長 16%。

Moving on to the income statement.

繼續損益表。

Gross revenues of $1.9 billion were up 23% from the year ago period's $1.5 billion.

總收入為 19 億美元，比去年同期的 15 億美元增長 23%。

Volume and support incentives increased by $99 million to $274 million, representing 15% of gross revenue.

數量和支持獎勵增加了 9900 萬美元，達到 2.74 億美元，佔總收入的 15%。

For the fourth fiscal quarter we see volume and support incentives running at around 16% of gross revenue.

對於第四財季，我們看到數量和支持激勵措施佔總收入的 16% 左右。

Total net operating revenues were just over $1.6 billion and 18% increase over the pro forma operating revenues of $1.4 billion reported for the third quarter of 2007.

總淨營業收入略高於 16 億美元，比 2007 年第三季度報告的 14 億美元的備考營業收入增長了 18%。

As we stated on last quarter's earnings call, price adjustments made in nonUS regions that were fully implemented in the fiscal third quarter of 2007 are no longer influencing year-over-year comparables to as large degree as they have in previous quarters, though the impact is still positive.

正如我們在上一季度的財報電話會議上所說，在 2007 財年第三季度全面實施的非美國地區的價格調整不再像前幾個季度那樣嚴重影響同比可比數據，儘管影響仍然是積極的。

During the quarter we observed certain dynamics across all of our key fee categories that continue to re-enforce our belief that our business model can sustain attractive growth despite a weakened US economy.

在本季度，我們觀察到我們所有關鍵費用類別的某些動態，這些動態繼續強化我們的信念，即儘管美國經濟疲軟，我們的商業模式仍能保持有吸引力的增長。

Globally, service fees were $749 million, up 13% over the pro forma results of the prior year period reflective of higher year-over-year payment volumes in all regions.

在全球範圍內，服務費為 7.49 億美元，比去年同期的備考結果增長 13%，這反映了所有地區的同比支付量都較高。

Data protesting fees posted strong gains rising 20% over the year to $539 million.

數據抗議費用同比強勁增長 20% 至 5.39 億美元。

We continue to benefit from the greater transaction volumes domestically while continuing our focus on increasing the number of transactions we processed internationally.

我們繼續受益於國內交易量的增加，同時繼續專注於增加我們在國際上處理的交易數量。

International transaction fees were up 44% to $449 million and continue to benefit from higher multicurrency payment volumes across all regions, as well as from pricing adjustments we made in April this year to cross border transactions involving US issued cards.

國際交易費用增長 44% 至 4.49 億美元，並繼續受益於所有地區更高的多幣種支付量，以及我們在今年 4 月對涉及美國發行卡的跨境交易進行的定價調整。

As mentioned earlier, cross border transactions remain strong although we are starting to observe a moderation in the growth rate.

如前所述，儘管我們開始觀察到增長率放緩，但跨境交易依然強勁。

Our adjusted operating margin was approximately 45% this quarter an increase of approximately seven percentage points over the similar period last year.

本季度調整後的營業利潤率約為 45%，比去年同期增長約 7 個百分點。

The combination of 18% net revenue growth with 4% expense growth drove this margin expansion and resulted in a 42% increase in operating income.

18% 的淨收入增長和 4% 的費用增長共同推動了利潤率的增長，並導致營業收入增長了 42%。

Given our performance through the third fiscal quarter and despite our expectation for modest margin compression in the fourth quarter, we now expect to deliver an adjusted mid-40%s margin for all of fiscal 2008, ahead of our initial long-term guidance of the low 40%s.

鑑於我們在第三財季的表現，儘管我們預計第四季度利潤率會適度壓縮，但我們現在預計在我們最初的長期指導之前，將在 2008 財年全年實現調整後的 40% 中利潤率。低 40%s。

As we look out to 2009 and beyond, the resilience of our business model combined with opportunities for additional operating leverage make us comfortable raising our adjusted operating margin guidance to the mid to high 40% range as part of our outlook through fiscal 2010.

展望 2009 年及以後，我們業務模式的彈性加上額外經營槓桿的機會，使我們可以放心地將調整後的經營利潤率指引提高到 40% 的中高範圍，作為我們 2010 財年展望的一部分。

On an adjusted basis, operating expenses for the quarter increased $31 million or 3.6% year-over-year to $883 million, as modest increases in personnel, network and marketing costs were offset by lower professional and consulting fee expenses.

經調整後，本季度的運營費用同比增加 3100 萬美元或 3.6% 至 8.83 億美元，因為人員、網絡和營銷成本的適度增長被專業和諮詢費用支出的減少所抵消。

On a sequential quarter basis adjusted expenses increased by $100 million primarily as a result of stepped up marketing and advertising costs, to measure it with mid May kick-off of our Olympic programs and modestly higher professional fees tied to our new product initiatives.

調整後的支出環比增加了 1 億美元，這主要是由於營銷和廣告成本增加，以我們的奧運項目 5 月中旬啟動以及與我們的新產品計劃相關的專業費用略有增加來衡量。

In the fourth quarter we anticipate further increases in marketing and advertising spend tied both to the Olympics and marketing programs ahead of the fourth fourth calendar quarter holiday season.

在第四季度，我們預計在第四季度假日季節之前，與奧運會和營銷計劃相關的營銷和廣告支出將進一步增加。

All totaled marking and advertising spend should total about $1 billion in fiscal 2008.

在 2008 財年，所有標記和廣告總支出應總計約為 10 億美元。

We also expect a step up in professional fees tied to supporting the new product and channel initiatives which Joe will speak about in a moment.

我們還預計與支持喬稍後將談到的新產品和渠道計劃相關的專業費用有所增加。

Capital expenditures were $86 million in the quarter, over half of which are dedicated to the build-out of our new data center.

本季度的資本支出為 8600 萬美元，其中一半以上用於建設我們的新數據中心。

Full year capital spending is expected in the range of $425 million and $450 million.

全年資本支出預計在 4.25 億美元至 4.5 億美元之間。

As we had previously stated, we expect capital expenditures to remain at an elevated level through the end of fiscal 2009, as we complete our new data processing center.

正如我們之前所說，隨著我們完成新的數據處理中心，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 CapEx to run at around 3% to 4% of gross revenue on an annualized basis.

在此之後，我們預計資本支出每年將佔總收入的 3% 至 4% 左右。

Moving on to balance sheet we ended the third quarter with cash, cash equivalent, available for sale investments and restricted cash of $8.4 billion, an increase of approximately $400 million over the prior quarter.

轉到資產負債表，我們在第三季度結束時擁有 84 億美元的現金、現金等價物、可供出售投資和受限現金，比上一季度增加了約 4 億美元。

Of this total there is restricted cash of approximately $2 billion which represent the balance of the $3 billion litigation escrow established at the IPO less the initial payment to American Express of $945 million last quarter and their first quarterly payment of $70 million.

在這一總額中，有約 20 億美元的限制性現金，即 IPO 時設立的 30 億美元訴訟託管的餘額減去上個季度向美國運通支付的 9.45 億美元的初始付款和第一次季度支付的 7000 萬美元。

In addition we intend to use $2.7 billion of cash to redeem all of the series II and the portion of the series III class-C shares this October that are held by Visa Europe.

此外，我們打算在今年 10 月用 27 億美元現金贖回 Visa Europe 持有的所有 II 系列和部分 III 系列 C 類股票。

As mentioned previously given our sizable and growing cash balances, we are very focused on not allowing excess cash to build up on our balance sheet.

如前所述，鑑於我們龐大且不斷增長的現金餘額，我們非常專注於不讓多餘的現金積聚在我們的資產負債表上。

And to that end we will be considering a share repurchase program as early as the first fiscal quarter of 2009.

為此，我們將考慮最早在 2009 年第一財季實施股票回購計劃。

Now I would like to comment on what we see over the balance of 2008.

現在我想評論一下我們對 2008 年餘額的看法。

As I mentioned a moment ago we entered 2008 with the expectation that a softer US economy would have an effect on our payment volume and revenue growth over the next several quarters, and we are now starting to see that impact.

正如我剛才提到的，我們進入 2008 年時預期美國經濟疲軟將對未來幾個季度的支付量和收入增長產生影響，而我們現在開始看到這種影響。

We also have a pretty clear view into our US payment volumes from April through June which will be reflected in our service fee revenue in our fourth fiscal quarter.

我們對 4 月至 6 月的美國支付量也有非常清晰的認識，這將反映在我們第四財季的服務費收入中。

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

基於這一早期觀點，我們仍處於我們規定的收入指導範圍 11% 至 15% 的較高端。

As noted earlier, we are increasing adjusted operating margin guidance from the low 40% range to the mid-40% range for fiscal 2008, and over the longer term, 2009 to 2010 to the mid to high 40% range.

如前所述，我們正在將 2008 財年的調整後營業利潤率指引從低 40% 範圍提高到 40% 的中間範圍，從長期來看，將 2009 年至 2010 年的範圍提高到 40% 的中高範圍。

We also remain on track to deliver adjusted diluted earnings per share growth of greater than 20% and to annual free cash flow exceeding $1 billion.

我們還有望實現超過 20% 的調整後攤薄後每股收益增長和超過 10 億美元的年度自由現金流。

That concludes my comments.

我的評論到此結束。

So I will turn the call back over to Joe.

所以我會把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

Before we begin the question and answer period, let me touch on some of the longer term initiatives and progress we have seen over the past several months.

在開始問答環節之前，讓我談談我們在過去幾個月中看到的一些長期舉措和進展。

As many of you know on our IPO road show we outlined a series of near term and longer term strategic priorities that we would be investing in to support our growth.

正如你們中的許多人在我們的 IPO 路演中所知道的那樣，我們概述了一系列近期和長期戰略重點，我們將投資於支持我們的增長。

Near term we talked about the opportunity to export many of the successful programs we established here in the US like our affluent credit programs, Visa signature and Visa infinite and our debit card product.

近期，我們談到了出口我們在美國建立的許多成功計劃的機會，例如我們的富裕信貸計劃、Visa Signature 和 Visa Infinite 以及我們的借記卡產品。

Executing on these initiatives continues to represent a significant opportunity and will have an influence of our 2009 plan.

執行這些舉措繼續代表著重大機遇，並將對我們 2009 年的計劃產生影響。

Longer term opportunities we have identified include money transfer, prepaid, mobile payments and eCommerce.

我們發現的長期機會包括匯款、預付、移動支付和電子商務。

Many of these innovations are already operational in Visa regions worldwide and under Visa's new structure can be scaled more easily on a global basis.

其中許多創新已經在全球的 Visa 地區投入使用，並且在 Visa 的新結構下，可以更輕鬆地在全球範圍內進行擴展。

Though these initiatives are relatively small today in relation to our total volume.

儘管與我們的總量相比，這些舉措今天相對較小。

We see opportunity to invest in these programs and use our brand and business scale and drive incremental transactions on the Visa network over the longer term.

我們看到了投資這些項目的機會，並利用我們的品牌和業務規模，並在較長時間內推動 Visa 網絡上的增量交易。

Of note is Visa's money transfer service where we continue to build momentum.

值得注意的是 Visa 的匯款服務，我們在這方面繼續發展勢頭。

Today we are announcing the extension of Visa's card base money transfer service to millions of additional card holders with the launch of new services in Indonesia and expansion of a program in Singapore.

今天，我們宣布隨著在印度尼西亞推出新服務並在新加坡擴展一項計劃，將 Visa 的卡基礎匯款服務擴展到數百萬其他持卡人。

Specifically Bank Mandiri, Indonesia's largest bank, is making Visa money transfer available to approximately eight million debit card holders.

特別是印度尼西亞最大的銀行 Mandiri 銀行正在向大約 800 萬借記卡持有人提供 Visa 匯款服務。

The service will allow Bank Mandiri's card holder to send money through any of the banks 3,000 ATMs to any other Visa card holder in Indonesia.

該服務將允許 Mandiri 銀行的持卡人通過銀行 3,000 台 ATM 中的任何一個向印度尼西亞的任何其他 Visa 持卡人匯款。

Recipients are able to use the money to make purchases, pay bills or withdraw cash from any Visa or Plus ATM anywhere Visa is accepted in the world.

收款人可以使用這筆錢在世界上任何接受 Visa 的地方從任何 Visa 或 Plus ATM 購物、支付賬單或提取現金。

Additionally, Singapore Post Limited plans to expand its recently launched money transfer service to automated machines that will be available to card holders 24 hours a day.

此外，新加坡郵政有限公司計劃將其最近推出的匯款服務擴展到自動機器，持卡人每天 24 小時都可以使用。

The service facilitates money transfer from customers in Singapore to Visa card holders in nine countries including China, Indonesia and the United Kingdom.

該服務促進了從新加坡客戶向包括中國、印度尼西亞和英國在內的九個國家的 Visa 卡持有人的匯款。

Today's announcement builds on our existing stable of 46 Visa money transfer programs that have been rolled out in 13 countries.

今天的公告建立在我們現有穩定的 46 個 Visa 匯款計劃的基礎上，這些計劃已在 13 個國家/地區推出。

We believe the scale and reach of Visa's global network ideally positions us to capitalize on the money transfer opportunities in the long term.

我們相信，Visa 全球網絡的規模和覆蓋範圍使我們能夠長期利用匯款機會。

Another important area of investment for Visa is prepaid, which we believe is critical to unlocking new opportunities worldwide.

Visa 的另一個重要投資領域是預付，我們認為這對於在全球範圍內釋放新機遇至關重要。

By offering consumers the option to pay ahead, Visa is able to reach new demographics such as unbanked or underbanked and expand relationships with clients including: governments, businesses, health care providers and merchants.

通過為消費者提供提前付款的選項，Visa 能夠接觸到新的人群，例如沒有銀行賬戶或銀行賬戶不足的人群，並擴大與客戶的關係，包括：政府、企業、醫療保健提供者和商家。

One of our best success stories to date is government benefits.

迄今為止，我們最好的成功案例之一是政府福利。

In the US, 35 states participate in 58 Visa prepaid programs to disburse funds including child support, unemployment insurance, workers comp and other assistance instead of checks.

在美國，35 個州參與了 58 個 Visa 預付計劃，用於支付包括子女撫養費、失業保險、工人補償和其他援助在內的資金，而不是支票。

Last month the state of Michigan launches a prepaid program to deliver unemployment insurance funds which will provide consumers with safe and convenient option for checks and bring cost savings to the state.

上個月，密歇根州啟動了一項預付失業保險基金的計劃，該計劃將為消費者提供安全便捷的支票選擇，並為該州節省成本。

Around the globe Visa prepaid products are bringing significant value to consumers who rely heavily on cash and checks.

在全球範圍內，Visa 預付產品為嚴重依賴現金和支票的消費者帶來了巨大的價值。

Last week Visa and Absa Bank, a subsidiary of Barclays, introduced the first reloadable prepaid cards in South Africa.

上週，巴克萊的子公司 Visa 和 Absa 銀行在南非推出了第一張可充值的預付卡。

In June Visa in Taiwan Cooperative Bank launched Taiwan's first general purpose reloadable prepaid card, further extending the reach Visa's prepaid programs to underserved consumers.

6 月，台灣合作銀行的 Visa 推出了台灣第一張通用可充值預付卡，進一步將 Visa 的預付計劃擴展到服務不足的消費者。

Mobile payments are a great opportunity but also a great complexity as multiple wireless standards and operating systems exist around the globe.

移動支付是一個很好的機會，但也非常複雜，因為全球存在多種無線標準和操作系統。

To address these challenges we launched the Visa mobile platform last year, a suite of technologies that enables Visa, it's clients and mobile operators to engage in trial activities and more rapidly developed commercially scalable mobile services.

為了應對這些挑戰，我們去年推出了 Visa 移動平台，這是一套技術，使 Visa、它的客戶和移動運營商能夠參與試驗活動和更快速地開發商業可擴展移動服務。

While more work must be done Visa has successfully launched a range of mobile services that are in market or being tested today with card holders in 14 countries around the world including the US, Australia, Canada, Taiwan and Brazil.

雖然還有更多工作要做，但 Visa 已成功推出了一系列移動服務，這些服務目前已在美國、澳大利亞、加拿大、台灣和巴西等全球 14 個國家/地區的持卡人中投放市場或進行測試。

With more than 3.5 billion mobile devices in the market around the world, 80% of world's population living within range of a cellular network, we believe Visa has a significant opportunity to build on our leadership, extend our products and services to new geographies and drive more electronic transactions to VisaNet.

全球市場上有超過 35 億台移動設備，全球 80% 的人口生活在蜂窩網絡範圍內，我們相信 Visa 有一個重要的機會來鞏固我們的領先地位，將我們的產品和服務擴展到新的地區並推動VisaNet 的更多電子交易。

As we have stated in the past our focus on the eCommerce base was designed to increase our industry leading 47% payment penetration here in the United States.

正如我們過去所說，我們對電子商務基礎的關注旨在提高我們在美國行業領先的 47% 的支付滲透率。

We are developing enhanced checkout, gateway and online authentication services to improve merchant and card holder experiences.

我們正在開發增強的結賬、網關和在線身份驗證服務，以改善商家和持卡人的體驗。

In fact we expect to bring to market the next upgrade of online authentication later this year.

事實上，我們預計將在今年晚些時候將在線身份驗證的下一次升級推向市場。

We are also in the process of further advancing cross border functionality especially between the U.S.

我們還在進一步推進跨境功能，特別是在美國之間。

and Latin America and U.S.

和拉丁美洲和美國

and Asia.

和亞洲。

More recently in India we launched emarketplace in association with ICICI Bank, one of the largest financial institutions in that country, enabling end to end execution of procurement and payment over the internet using their Visa purchasing card.

最近在印度，我們與印度最大的金融機構之一 ICICI 銀行合作推出了電子市場，使用他們的 Visa 購買卡通過互聯網進行端到端的採購和支付。

This is the first Visa emarketplace service to be launched in Asia/Pacific.

這是在亞太地區推出的首個 Visa 電子市場服務。

As always, we will continue to update on these initiatives as they progress.

與往常一樣，隨著這些舉措的進展，我們將繼續更新這些舉措。

With that, we're ready to take your questions.

有了這個，我們準備好回答你的問題了。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS) The first question is from Bob Napoli of Piper Jaffray.

（操作員說明）第一個問題來自 Piper Jaffray 的 Bob Napoli。

Thank you.

謝謝你。

Good afternoon, and congratulations on a very good quarter.

下午好，並祝賀一個非常好的季度。

Question -- I think it would have been a bigger surprise if you had not raised your operating income margin guidance.

問題——我認為如果你沒有提高你的營業收入利潤率指導，那將是一個更大的驚喜。

But I wondered if you could break it down on what drove the income guidance -- the increase.

但我想知道你是否可以分解收入指導的推動因素 - 增長。

Is it lower volume and support agreements, or general better efficiency than what you expected?

是較低的數量和支持協議，還是總體上比您預期的效率更高？

What drove that increase?

是什麼推動了這種增長？

So -- this is Byron.

所以——這是拜倫。

The math of it is, as we continue to drive strong double digit gains in revenue above our initial expectations this year so we delivered 18% this quarter and on that a four -- only a 4% increase in expenses and we were able to sustain higher levels of revenue growth for this year compared to our original expectations.

它的數學是，因為我們今年繼續推動強勁的兩位數收入增長超過我們最初的預期，所以我們本季度實現了 18% 和四 - 僅增加了 4% 的費用，我們能夠維持與我們最初的預期相比，今年的收入增長水平更高。

We became more confident that we could sustain a margin higher than with a we had originally anticipated and therefore felt confident in adjusting the margin guidance.

我們變得更有信心，我們可以維持比我們最初預期的更高的利潤率，因此對調整利潤率指導充滿信心。

Just a followup.

只是一個後續。

Do you think there is a natural cap on your guidance driven by volume support agreement demands from customers, or -- I just wondered if you could comment?

您是否認為客戶的批量支持協議要求對您的指導有一個自然上限，或者 - 我只是想知道您是否可以發表評論？

The way we have chosen to respond to margin expectations is with our guidance, and so over the next two years we believe that we can sustain margins operating margins in the mid to high 40%s.

我們選擇響應利潤率預期的方式是我們的指導，因此在接下來的兩年裡，我們相信我們可以將利潤率維持在 40% 的中高水平。

And that is as far out as we are looking at margins today.

這與我們今天看到的利潤率一樣遙遠。

Thank you very much.

非常感謝。

The next question is from Tien-Tsin Huang of JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

Thanks.

謝謝。

A couple of quarters, I -- couple questions per quarter.

幾個季度，我 - 每季度幾個問題。

First, Byron, the cross border volume trends, what is the geographic exposure that you have there and what regions are you seeing growth moderate the most?

首先，拜倫，跨境交易量趨勢，您在那裡的地理敞口是多少？您認為哪些地區的增長最為溫和？

What we be -- what would say on the cross border volume is that we are maintaining very, very strong robust growth outside the United States, even though it has moderated a bit, as we said on the call, it is still mid to high teens in terms of growth.

我們是什麼 - 關於跨境交易量的說法是，我們在美國以外保持非常非常強勁的強勁增長，儘管它已經放緩了一點，正如我們在電話會議上所說的那樣，它仍然是中高水平青少年在成長方面。

And that growth is very healthy across the globe outside the United States.

在美國以外的全球範圍內，這種增長非常健康。

The growth rates are still very positive in -- are still positive in the US, but where we are seeing more of the impact in the US than anywhere else in particular.

美國的增長率仍然非常積極 - 在美國仍然是積極的，但我們在美國看到的影響比其他任何地方都多。

And CEMEA of course was a call out of maintaining 30% plus growth rates on cross border.

當然，CEMEA 呼籲保持 30% 以上的跨境增長率。

Is your exposure to the US and cross border similar to your overall exposure in the US in terms of purchase volume?

就購買量而言，您在美國和跨境的敞口是否與您在美國的整體敞口相似？

What we say is it's a well diversified portfolio of cross border.

我們所說的是一個多元化的跨境投資組合。

Okay.

好的。

Fair enough.

很公平。

And just wanted to confirm that you expect fourth quarter revenues to be at the high end of your 11% to 15% range?

只是想確認您預計第四季度收入將處於 11% 至 15% 範圍的高端？

That's correct.

這是正確的。

The annualized guidance is 11% to 15%.

年化指導為 11% 至 15%。

When you apply that to the fourth fiscal quarter what we are suggesting is that our performance consistent with coming in at the higher end of that range net revenue for the fourth quarter.

當您將其應用於第四財季時，我們的建議是，我們的業績與第四季度淨收入範圍的高端一致。

Okay.

好的。

So that's the case, just trying to understand, what would you have to shift from the 18% growth in the third quarter to roughly 15% in the fourth quarter?

就是這樣，只是想了解一下，從第三季度的 18% 增長到第四季度大約 15% 的增長，你需要做什麼？

We have annualized a number of price adjustments that are having -- really we're coming to the end of their full effect, and we already are informed by the US volume which is consistent with the -- on a month to month basis has been consistently delivering around a 10% payment volume growth from March forward.

我們已經對正在發生的一些價格調整進行了年度化 - 實際上我們即將結束它們的全部影響，我們已經從美國的交易量中得知，這與 - 按月計算是一致的從 3 月開始，支付量持續增長約 10%。

And with moderating impact that we eluded to in our cross border volume, we would see a somewhat marginal decline in our revenue growth from 18% which we delivered this quarter to the upper end of our guidance range, 11% to 15%.

由於我們在跨境交易量中沒有受到緩和影響，我們的收入增長將從本季度的 18% 略微下降到我們指導範圍的上限，即 11% 至 15%。

Got it.

知道了。

That's helpful.

這很有幫助。

Nice work on the expenses.

在費用方面做得很好。

Pardon?

赦免？

That's helpful.

這很有幫助。

Thank you.

謝謝你。

I was just saying nice work on the expenses.

我只是說在費用方面做得很好。

Great.

偉大的。

Thank you.

謝謝你。

More to come.

更多即將到來。

The next question is from Adam Frisch of UBS.

下一個問題來自瑞銀的亞當弗里施。

Thanks, good afternoon, guys, and congratulations on a great quarter.

謝謝，下午好，伙計們，並祝賀一個偉大的季度。

In my conversations with investors I get the feeling that most people are focused on a slower consumer but forgetting on the secular trends that are a corner stone to our thesis.

在我與投資者的對話中，我感覺到大多數人都專注於較慢的消費者，卻忘記了作為我們論文基石的長期趨勢。

So can you address this with what you are seeing in your payment trends whether a shift from credit to debit or other factors that make us feel good that the model is still holding up and there are secular trends at play here?

那麼，您能否通過您在支付趨勢中看到的情況來解決這個問題，無論是從信用卡到借記卡的轉變，還是其他讓我們感覺良好的因素，即該模型仍然存在並且這裡存在長期趨勢？

And also describe the hedging that your volume support line offers.

並描述您的交易量支持線提供的對沖。

I'm assuming it works well in a slow down but a melt down might be a different kind of story if the consumer fell off the cliff.

我假設它在減速時效果很好，但如果消費者從懸崖上掉下來，崩潰可能是另一種情況。

So if you could address those from those two perspectives.

因此，如果您可以從這兩個角度解決這些問題。

Let me start with the hedging.

讓我從對沖開始。

With regards to our FX exposure on revenue, which is one way of looking at this, our revenue lift is roughly 2%.

關於我們對收入的外匯敞口，這是看待這一點的一種方式，我們的收入增長大約為 2%。

And with regards to the overall exposure to the cross border volume, I think we have a very well diversified set of strong growth rates cross region.

關於跨境交易量的整體敞口，我認為我們擁有非常多元化的跨地區強勁增長率。

So in that regard, we feel that if the economy falls in any one particular country or region, we are well diversified, and then an increasing number of our contract are multiyear in nature and therefore have incentive clauses that will vary by volume.

因此，在這方面，我們認為，如果任何一個特定國家或地區的經濟下滑，我們的多元化程度就會很高，然後我們越來越多的合同是多年期的，因此激勵條款會因數量而異。

And so if a volume falls in any of these -- or if the growth rate in any of these contracts slows down, we have a natural adjustment as it relates to our -- the way the incentive formulas work.

因此，如果其中任何一個交易量下降——或者如果任何這些合同的增長率放緩，我們就會對激勵公式的運作方式進行自然調整。

So while not immune to a slowdown in any part of the world or in any particular economy or client, we do have I think a well diversified set of factors that will help make our business less vulnerable and more resilient.

因此，儘管世界任何地方或任何特定經濟體或客戶的放緩都無法倖免，但我認為我們確實擁有一系列多元化的因素，這些因素將有助於我們的業務不那麼脆弱，更有彈性。

Okay.

好的。

Pricing impact on the quarter you said was more muted.

你說的那個季度的定價影響比較小。

Should we anticipate any change in the near term there that could get the growth rate up a little bit up than we are expecting?

我們是否應該預計短期內會有任何變化使增長率比我們預期的高一點？

I would suggest that you go back to our guidance.

我建議你回到我們的指導下。

We have fully factored in all the factors including pricing adjustments that would impact our net revenue growth.

我們已經充分考慮了所有因素，包括會影響我們淨收入增長的定價調整。

And we feel very good about high end of that 11% to 15% range for the fourth quarter fiscal quarter.

我們對第四季度財季 11% 至 15% 範圍的高端感到非常滿意。

And we feel very good about delivering in that range within -- over the two years, 2009 and 2010 at this point.

我們對在 2009 年和 2010 年的兩年內實現這一目標感到非常滿意。

Okay.

好的。

Last question here, I was going to ask about cost, but the card-based remittance initiative I have to ask because it's been a long time coming from what we have been writing about.

最後一個問題，我想問一下成本，但我不得不問基於卡的匯款計劃，因為我們已經寫了很長時間了。

How is this tracking in the markets?

這在市場上的追踪情況如何？

It's been around in awhile.

它已經存在了一段時間。

And are you gaining new customers or taking share from traditional players?

您是在獲得新客戶還是從傳統玩家那裡獲得份額？

I'm not sure I understand the question.

我不確定我是否理解這個問題。

On the card base remittance programs that you already have out there, how have they been tracking in terms of growth, and are you gaining new customers or taking share from traditional players?

在您已經擁有的基於卡的匯款計劃中，它們在增長方面的跟踪情況如何，您是否正在獲得新客戶或從傳統玩家那裡獲得份額？

In other words the new customers being people that never spent money before.

換句話說，新客戶是以前從未花錢過的人。

In general we are gaining new customers.

總的來說，我們正在獲得新客戶。

We were offering a new service to our own customers and it's being done on a global basis.

我們正在為我們自己的客戶提供一項新服務，並且正在全球範圍內進行。

And it's being done between many different and varying countries.

它正在許多不同和不同的國家之間進行。

It isn't a US to Latin America or a US to Asia-centric program.

這不是美國到拉丁美洲或美國到亞洲中心的計劃。

I don't think it's big enough to say we stolen share from anyone.

我認為這不足以說我們從任何人那裡竊取了份額。

Okay.

好的。

Thanks, guys.

多謝你們。

Great job.

很好。

Thank you.

謝謝你。

The next question is from Dan Perlin of Wachovia.

下一個問題來自美聯銀行的 Dan Perlin。

Thanks.

謝謝。

Just a couple quick questions.

只是幾個簡單的問題。

One is if you could maybe decouple your international fee growth was up over 40% I think, Byron, you mentioned your transaction were in the mid to high teens maybe low 20%s, and that affects -- has an impact there.

一個是如果你可以脫鉤，你的國際費用增長超過 40% 我認為，拜倫，你提到你的交易處於中高水平，可能低 20%，這會影響 - 在那裡產生影響。

Can you talk about reconciling the transaction growth that drove that along with FX so we can figure out what the pricing component of that was?

您能否談談將推動這一增長的交易增長與外匯相協調，以便我們弄清楚其中的定價部分是什麼？

Yes.

是的。

So, Dan, the balance -- the primary component of the difference between the two, remember, this is an area where we have probably done the most in terms of price adjustments over the past year or so.

所以，丹，平衡 - 兩者之間差異的主要組成部分，請記住，這是我們在過去一年左右的價格調整方面做得最多的領域。

And what you're seeing is the impact of those initially with cards issued outside of the United States.

你所看到的是那些最初在美國境外發行的信用卡的影響。

As recently as April we took some steps that would increase the revenue impact based on cards issued in the United States.

就在 4 月份，我們採取了一些措施來增加基於在美國發行的卡的收入影響。

And that's the primary explanation for the difference between what we reported in aggregate and the percentage increase in transaction.

這就是我們報告的總體報告與交易增長百分比之間的差異的主要解釋。

Okay.

好的。

And is there another one that we should be think being as we go into 2009?

當我們進入 2009 年時，是否還有另一個值得我們思考的問題？

On the international side, we have not announced anything.

在國際方面，我們還沒有宣布任何事情。

And with regards to pricing in general, all of that has -- let me assure you, we take appropriate steps that make good business sense to our customers and clients, and all of that is reflected in the guidance we have given you for the fourth quarter and for the next two years.

關於一般的定價，所有這一切 - 讓我向您保證，我們採取適當的措施對我們的客戶和客戶產生良好的商業意義，所有這些都反映在我們為您提供的第四次指導中季度和未來兩年。

Excellent.

出色的。

And on the other revenue line, that was up quite a bit as well.

在另一條收入線上，這也上升了很多。

Were there is pricing adjustments that you took advantage of there?

您是否利用了定價調整？

No.

不。

Can you remind us consumer inflation, the impact that you have on your nondiscretionary spending line?

您能否提醒我們消費者通脹，您對非自由支配支出線的影響？

Is that playing a meaningful role in the quarters or not so much?

這在季度中發揮了有意義的作用還是沒有那麼多？

We haven't looked at that and evaluated.

我們還沒有查看和評估。

Our sense would be short of certain commodities that have increased significantly in price that that's generally not so much a factor.

我們的感覺是缺乏某些價格大幅上漲的商品，而這通常不是一個因素。

Okay.

好的。

Questioning on the marketing and advertising spending you gave us a number of $1 billion for the full year, so that implies somewhere around $300 million.

詢問您全年的營銷和廣告支出為我們提供了 10 億美元，這意味著大約 3 億美元。

What is in last year's number because that number would be down pretty significantly year-over-year?

去年的數字是多少，因為該數字將同比大幅下降？

Were there some one-time items?

有一次性物品嗎？

I just forget.

我只是忘記了。

On a year-over-year basis year over year down pretty significantly.

與去年同期相比，同比下降相當顯著。

Good question.

好問題。

I know that it will be of interest in many to figure out how to seasonally model our marketing.

我知道許多人都會對如何對我們的營銷進行季節性建模感興趣。

And it's simply too early or just premature to try and do that at this point.

現在嘗試這樣做還為時過早或為時過早。

You have the math right in terms of the $300 million or so, given that we got three quarters of actual.

考慮到我們得到了實際的四分之三，就 3 億美元左右而言，你的數學是正確的。

As we indicated I think on a prior call we still have a relatively new in place Chief Marketing Officer who is rationalizing our marketing spend globally, reprioritizing it based on return on investment and as a result, it is not something to count on as prologue.

正如我們在之前的電話會議上指出的那樣，我認為我們仍然有一個相對較新的首席營銷官，他正在合理化我們的全球營銷支出，根據投資回報重新確定其優先級，因此，這不是一個可以指望的序幕。

And as we develop a more normalized cadence in our marketing then we will highlight that for you and you will be able to model.

隨著我們在營銷中製定更規範的節奏，我們將為您強調這一點，您將能夠建模。

Excellent.

出色的。

Okay.

好的。

Thank you very much.

非常感謝。

Next question is from Liz Grausam of Goldman Sachs.

下一個問題來自高盛的 Liz Grausam。

Great.

偉大的。

Just wanted to ask another question around your US volume and the comments you made earlier.

只是想就您的美國數量和您之前發表的評論提出另一個問題。

You had about 12% total payments volume in the March quarter in the US and I think you said that went to 10% from the March of March through the month of June.

您在美國 3 月季度的總支付量約為 12%，我認為您說從 3 月到 6 月這一比例達到了 10%。

Is that the correct progression to think about?

這是要考慮的正確進展嗎？

And also was that dominantly driven by further deceleration in credit from March to June, or did you also see your debit portfolio decelerate in growth?

這主要是受 3 月至 6 月信貸進一步減速的驅動，還是您也看到您的借方投資組合增長減速？

What we said was the growth in the growth in US volume was about 10% from March through this month.

我們所說的是，從 3 月到本月，美國銷量的增長約為 10%。

And so the 12% to 10% is on a quarter to quarter basis and what that would suggest was that the growth was more robust in January and February, but since March it has been very consistent.

因此 12% 到 10% 是按季度計算的，這表明 1 月和 2 月的增長更為強勁，但自 3 月以來一直非常穩定。

So the answer is we don't see a lot of movement in the volume or we haven't seen much movement in volume in the US since February.

所以答案是我們沒有看到成交量有很大的變化，或者自 2 月以來我們沒有看到美國的成交量有太大的變化。

And February's growth rate was influenced to some extent by the fact that there were 29 days in February.

而2月份的增長速度在一定程度上受到了2月份29天的影響。

Okay.

好的。

And the deceleration you saw in January and February through to March to June, was that dominantly in credit or in both credit and debit?

您在 1 月和 2 月至 3 月至 6 月看到的減速主要是在信貸方面還是在信貸和借方方面？

Was it blended?

是混合的嗎？

Dominantly it would be more pronounced in credit.

主要是在信用方面會更加明顯。

Great.

偉大的。

And another question on your service fees similar to the question Dan asked around your international fees, the service fee growth in the quarter was about 13% revenue growth, but it was on 19% volume.

關於您的服務費的另一個問題類似於丹圍繞您的國際費用提出的問題，該季度的服務費增長約為 13% 的收入增長，但其數量為 19%。

It's the first time we seen revenue growth actually below the volume growth.

這是我們第一次看到收入增長實際上低於銷量增長。

But yet the incentive line was also lighter.

但激勵線也較輕。

Can you help us understand the balance between thinking pricing in the gross service fees and how that mechanism works with your incentive fees?

您能否幫助我們了解在總服務費中考慮定價與該機制如何與您的激勵費一起工作之間的平衡？

Yes.

是的。

More to come on this later, Liz.

麗茲，稍後會有更多內容。

I think from our perspective it's premature to look for quarter to quarter patterns until we can normalize our operations now that we're in for profit mode.

我認為從我們的角度來看，在我們處於盈利模式之後，我們可以正常化我們的運營之前，尋找季度到季度的模式還為時過早。

We have everything from seasonality price adjustments, FX movements.

我們擁有從季節性價格調整到外匯變動的一切。

And until we can get into a more normalized cadence it's hard for us to provide a thoughtful explanation as to both -- particularly the sequential growth.

在我們能夠進入更正常化的節奏之前，我們很難對兩者提供深思熟慮的解釋——尤其是連續增長。

Year-over-year is easier but the sequential is harder until we can do it better job -- until we can accelerate through the normalization of a for profit company.

同比更容易，但連續更難，直到我們能做得更好——直到我們可以通過盈利公司的正常化來加速。

Great.

偉大的。

Thank you.

謝謝你。

More to come on this one.

更多關於這個。

But on a sequential basis the previous quarter included December.

但按順序計算，上一季度包括 12 月。

Thank you.

謝謝你。

The next question is from Craig Moore of [Killian].

下一個問題來自 [Killian] 的 Craig Moore。

Yes.

是的。

Good afternoon.

下午好。

I was hoping you could comment on the spending from your signature customers as we saw big fall off in American Express' numbers and their card holders are viewed to be at the upper tier.

我希望你能評論你的簽名客戶的支出，因為我們看到美國運通的人數大幅下降，他們的持卡人被認為處於上層。

So I was wondering if you could comment if there is any unusual dropoff in your signature cards versus your standard Visa cards.

因此，我想知道您是否可以評論您的簽名卡與您的標準 Visa 卡是否有任何異常下降。

Thanks.

謝謝。

Actually, our signature volume has held up very, very well.

實際上，我們的簽名量保持得非常非常好。

And as a matter of fact, it's significantly up on a year-over-year basis.

事實上，它在同比基礎上顯著上升。

It's our traditional card volume that is down.

下降的是我們的傳統卡量。

I talked about that last quarter.

我在上個季度談到了這一點。

I -- you're asking me a question about significant cards versus Amex in general.

我 - 你問我一個關於重要卡與一般美國運通卡的問題。

And while they have a huge component of that and I can't for them and they have gotten into lending a lot of money.

雖然他們有很大一部分，但我不能為他們提供貸款，他們已經開始借很多錢。

Thanks, Joe.

謝謝，喬。

Next question is from Pat Burton with Citi.

下一個問題來自花旗的 Pat Burton。

Hi, congratulations on the quarter and taking the targets up.

嗨，祝賀本季度並實現目標。

I guess I will ask about the tax rate.

我想我會問稅率。

Byron, it looks like you are looking for a higher tax rate this year and progressing lower from the 41% level?

拜倫，您今年似乎正在尋找更高的稅率，並從 41% 的水平逐步降低？

That's correct.

這是正確的。

So just to repeat expectations, so as we came in -- as we completed our restructuring in October and for the first time assembled our five businesses we had no corporate tax planning and as a result we find ourselves unenviably at about a 41% rate.

所以只是重複預期，所以當我們進來時——當我們在 10 月份完成重組並首次組裝我們的五家業務時，我們沒有公司稅收計劃，因此我們發現自己的稅率約為 41%，令人羨慕。

And we are engaging in what we would describe as kind of classic global tax planning, and over the next five years expect to get down into the 36% range, and would expect in the year to come to fiscal year 2009 to generate at least one to two percentage points reduction in that tax rate.

我們正在從事一種我們稱之為經典的全球稅收籌劃，預計在未來五年內將降至 36% 的範圍內，並預計在 2009 財年將產生至少一個稅率降低兩個百分點。

Okay.

好的。

And would you expect 41% in the fourth quarter?

您預計第四季度會達到 41% 嗎？

Yes.

是的。

Note that we apply a -- when we do our adjusted earnings, we apply a 41% tax rate from a book standpoint we actually have some adjustments that we have described in our financial statements that are largely due to purchase accounting, and therefore do not have a cash impact on our tax rate.

請注意，我們應用 - 當我們進行調整後的收益時，我們應用 41% 的稅率，從賬面的角度來看，我們實際上有一些我們在財務報表中描述的調整，這些調整主要是由於採購會計，因此不對我們的稅率產生現金影響。

So to assume something in the vicinity of 41% as a cash tax rate for the fourth quarter would be fair.

因此，假設第四季度的現金稅率接近 41% 是公平的。

Okay.

好的。

Thank you.

謝謝你。

Next question is from David Hochstim of Buckingham Research.

下一個問題來自 Buckingham Research 的 David Hochstim。

Yes.

是的。

Hi.

你好。

I wonder could you provide more color on what you are seeing so far in terms of marketing spending and where they are some opportunities to shift dollars, and also provide us color on US credit card card spending?

我想知道您能否就目前在營銷支出方面所看到的內容提供更多色彩，以及它們在哪些方面存在轉移美元的機會，並為我們提供美國信用卡支出的色彩？

You mentioned that signature volume was up a lot.

你提到簽名量增加了很多。

But are there any other noteworthy trends graphically and other products?

但是圖形和其他產品還有其他值得注意的趨勢嗎？

I think that what we have said is that credit card spending in general is much softer, it's not down, but it's marginally up in the low single digits.

我認為我們所說的是，信用卡支出總體上要疲軟得多，沒有下降，但略有上升，處於低個位數。

So our debit card spending on the other hand has continued to grow and is very robust.

因此，另一方面，我們的借記卡支出持續增長並且非常強勁。

Signature cards are not the predominant part of our overall volume.

簽名卡不是我們總銷量的主要部分。

Can you give us an update on terms of what percentage is volume is on signature now?

你能告訴我們現在簽名量的百分比是多少嗎？

We don't break that out right now.

我們現在不打破它。

And in terms of marketing, I guess looking at expenses overall as it becomes a for profit company have you started your review of expenditures around the world, what kinds of things are you seeing that are opportunities?

在營銷方面，我想從整體支出來看，隨著它成為一家營利性公司，您是否開始審查全球支出，您認為哪些事情是機會？

We first thought we would have an opportunity to consolidate the way we spend money by consolidating agencies and running the marketing environment out of a single place.

我們最初認為我們將有機會通過整合代理機構和在一個地方運行營銷環境來整合我們的花錢方式。

We obviously have marketing people in all of our regions that support our marketing efforts.

顯然，我們所有地區都有營銷人員支持我們的營銷工作。

But it is more singularly and more effectively driven and it certainly will be in 2009 that's improved over the year of 2008.

但它的驅動更獨特、更有效，而且肯定會在 2009 年比 2008 年有所改善。

As it relates to where we spend money or how we spend money, we spend money predicated on a pretty rigid ROI model.

因為它與我們在哪里花錢或如何花錢有關，所以我們花錢的依據是非常嚴格的投資回報率模型。

And we are looking at opportunities in different regions in the world where we think we can make a difference.

我們正在世界不同地區尋找機會，我們認為我們可以有所作為。

Okay.

好的。

And then can you tell us -- I think there is an uptick in investment income this quarter.

然後你能告訴我們 - 我認為本季度的投資收入有所上升。

Was there anything --

有沒有什麼——

We are carrying higher gas balances and that's the principle reason.

我們攜帶的氣體餘額更高，這就是主要原因。

We were getting more yield, but it's principally higher cash balances.

我們獲得了更多的收益，但主要是更高的現金餘額。

Next question is Chris Brentler of Stifel Nicolaus.

下一個問題是 Stifel Nicolaus 的 Chris Brentler。

Hi.

你好。

Thanks.

謝謝。

Good afternoon.

下午好。

Just to beat down on the pricing a little bit more.

只是為了進一步降低定價。

The international fee increase in cross border -- in April, that's the only significant pricing increase in the second quarter?

跨境國際費用上漲——4月份，這是第二季度唯一一次大幅上漲的價格嗎？

That is the principal price increase.

這是主要的價格上漲。

And that actually affected the fiscal third quarter revenues you just reported?

這實際上影響了您剛剛報告的第三財季收入嗎？

Yes, think of that as beginning in the fiscal third quarter.

是的，可以將其視為從第三財季開始。

Okay.

好的。

So I guess I'm trying to understand is a couple things.

所以我想我想了解的是幾件事。

We talked about the pressure I guess on service fees.

我們談到了我猜對服務費的壓力。

You look at the volume in service fees relative to the revenues, the margin there has got squeezed a little bit, and your guidance for fourth quarter revenues at the high end of your guidance.

您會查看相對於收入的服務費數量，那裡的利潤率受到了一點擠壓，以及您對第四季度收入的指導處於指導的高端。

What kind of volume are you assuming for the fourth quarter?

您假設第四季度的交易量是多少？

Is the margin it continuing to compress a little bit, or is there anything else that we aren't discussing yet in terms of pricing that would cause the service fees to bounce back a little bit in the September quarter?

它的利潤是否繼續壓縮一點，或者在定價方面我們還沒有討論其他任何會導致服務費在 9 月季度反彈一點的東西？

So obviously there are a lot of factors that go into a projection.

所以很明顯，有很多因素會影響預測。

The way that we have tried to be helpful with this is to give you a combination of revenue guidance, 11% to 15% upper end of that range for the fourth quarter, and to do that which reflects all of the initiatives we have underway including anything that we may have done on the pricing front, and then to combine that with a margin expectation, which as you noticed we have moved our margin guidance up for the full year to mid-40%s, although we do expect some margin compression in the fourth quarter.

我們試圖對此有所幫助的方式是為您提供收入指導，第四季度該範圍上限的 11% 至 15%，並且這樣做反映了我們正在進行的所有舉措，包括我們可能在定價方面所做的任何事情，然後將其與利潤率預期相結合，正如您所注意到的，我們已將全年的利潤率指導上調至 40% 左右，儘管我們確實預計利潤率會有所壓縮在第四季度。

But that is less about revenue and much more about an increase in marketing spend which we called out as well as professional fees associated with new product initiatives.

但這與收入無關，更多與我們所說的營銷支出的增加以及與新產品計劃相關的專業費用有關。

So that's much more expense driven, that margin compression.

所以這是更多的費用驅動，即利潤壓縮。

And then with regards to the impact that any other action we might take with -- in the pricing front, all of that is reflected in the revenue guidance we have given for 2009 and '10, which again we have given all of you with an expectation of operating margins associated with that which gives you the type of operating leverage we expect to deliver.

然後關於我們可能採取的任何其他行動的影響——在定價方面，所有這些都反映在我們為 2009 年和 10 年提供的收入指導中，我們再次為你們所有人提供了與為您提供我們期望提供的運營槓桿類型相關的運營利潤率預期。

And of course on this call we have raised that from mid to mid to high 40%s with 11% to 15% annual revenue guidance.

當然，在這次電話會議上，我們已經將其從中到中到高 40% 提高了 11% 到 15% 的年收入指導。

That's how we tried to be helpful on this front.

這就是我們試圖在這方面提供幫助的方式。

Okay.

好的。

Let me ask just one more way.

讓我再問一個方法。

I don't quite understand your answer to Liz's question on the service fees as well.

我也不太明白你對Liz關於服務費問題的回答。

What are the quarter to quarter variances?

季度與季度的差異是多少？

How does FX impact that line?

外匯如何影響這條線？

One thing I was thinking about is that you are seeing slower growth in credit and debit may be lower margin on a revenue basis, so that's impacting a little bit.

我正在考慮的一件事是，您看到信貸和借方增長放緩可能是收入基礎上的較低利潤率，所以這會產生一點影響。

Anything else you can call out quarter to quarter that would impact?

您還可以按季度提出其他任何會產生影響的問題嗎？

I wasn't sure you are referring to in your earlier answer on the service fees.

我不確定您在之前關於服務費的回答中指的是什麼。

Again, I would just say nothing to call out at this time.

再說一次，我現在什麼也不說。

There are just a number of factors that vary from quarter to quarter, and as I mentioned before, seasonality and incentives.

只有許多因素因季度而異，正如我之前提到的，季節性和激勵措施。

FX is definitely a part, the timing and impact of price adjustments.

外匯絕對是價格調整的時間和影響的一部分。

All these things in order to be helpful ultimately with an answer that can inform models model so that you can get better projections, we have to sort that out and we are doing it in a year -- in our first year is public company.

所有這些事情為了最終有助於提供可以為模型提供信息的答案，以便您可以獲得更好的預測，我們必須解決這個問題，我們將在一年內完成 - 我們的第一年是上市公司。

And we are simply not at a normalized rate where we are prepared to give a thoughtful point of view on that kind of break down.

而且我們根本沒有處於正常的速度，我們準備對這種崩潰提出深思熟慮的觀點。

So if you will just bear with us a bit longer we will be happy to be more informative as we get it into a more normalized operating mode.

因此，如果您能忍受我們久一點，我們將很高興在我們將其置於更規範的操作模式時提供更多信息。

Okay.

好的。

One final just clarification repeat.

最後一次只是澄清重複。

The deceleration in cross border activity, you said that's more pronounced in the US.

你說跨境活動的減速在美國更為明顯。

How much more pronounced?

更顯著多少？

Is it relatively stable outside of the US or slowing outside of the US?

它在美國以外相對穩定還是在美國以外放緩？

We didn't guide to that.

我們沒有為此提供指導。

What we was that back in March it was back to mid to high 20%s.

我們在 3 月份的情況是，它回到了 20% 的中高水平。

What we are seeing today is mid to high teens.

我們今天看到的是中高齡的青少年。

So it has moderated but is it still very robust at mid to high teens.

所以它已經緩和了，但它在中高齡時仍然非常強勁。

And as you would expect, the US given its economic backdrop will be feeling that a bit more than the other region outside the US.

正如你所預料的那樣，鑑於其經濟背景，美國會比美國以外的其他地區感受到這一點。

Okay.

好的。

Thank you.

謝謝你。

Our next question is Sanjay Sakhrani of KBW.

我們的下一個問題是 KBW 的 Sanjay Sakhrani。

Thank you.

謝謝你。

Most of my questions were asked, but a quick question maybe on the supply side.

我的大部分問題都被問到了，但一個簡短的問題可能是在供應方面。

Have you guys seen noticeable trends from your financial institution and financial institution partners in pulling back account lines or decelerating account growth?

你們有沒有看到金融機構和金融機構合作夥伴在撤回賬戶額度或減緩賬戶增長方面的明顯趨勢？

I think it's clear that there is some of that going on, it's a fairly difficult environment.

我認為很明顯有一些事情正在發生，這是一個相當困難的環境。

But remember, our income is driven by activity.

但請記住，我們的收入是由活動驅動的。

And that means that we are primarily influenced by card holders that are not at the -- pushing the top of their credit and they are not delinquent.

這意味著我們主要受持卡人的影響，這些持卡人沒有達到最高信用並且沒有拖欠。

These are not the types of bank consumers that drive much volume through our system.

這些不是通過我們的系統推動大量交易的銀行消費者類型。

So it's harder for me to discern those trends, and the data we would have on it would be at least a quarter old.

所以我更難辨別這些趨勢，而且我們將擁有的數據至少有四分之一的歷史。

Okay.

好的。

Great.

偉大的。

And clarification on the litigation commentary.

並澄清訴訟評論。

That $31 million, that's all for the Discover litigation?

那 3100 萬美元，這就是 Discover 訴訟的全部費用？

No.

不。

What we said was that the -- as a result of a review of our litigation portfolio that -- and agreements that we entered into, that it was appropriate for us to take a FAS5 litigation reserve against legacy cases that we do not expect to repeat going forward.

我們所說的是——由於對我們的訴訟組合的審查——以及我們簽訂的協議，我們對我們不希望重複的遺留案件採取 FAS5 訴訟準備金是合適的往前走。

And so as you can appreciate it is not our practice to discuss ongoing litigation.

如您所知，討論正在進行的訴訟不是我們的慣例。

But the reserve is a FAS5 reserve associated with the case that would not be covered by our retrospective responsibility plan.

但儲備金是與案件相關的 FAS5 儲備金，我們的追溯責任計劃不涵蓋該儲備金。

Okay.

好的。

That is related to the Discover litigation.

這與 Discover 訴訟有關。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Andrew Jeffrey of SunTrust, you may ask your question.

SunTrust 的 Andrew Jeffrey，您可以提出您的問題。

Hi.

你好。

Thanks.

謝謝。

Byron, just to maybe on a more qualitative basis, I look at the volume and support incentives.

拜倫，也許只是在更定性的基礎上，我會查看數量並支持激勵措施。

Can you comment on how you're issuing customers are performing versus the contractual obligations that were set up when you entered in each of those, just directionally better, worse, in line?

您能否評論一下您發行客戶的表現與您輸入每一項時設定的合同義務，只是在方向上更好，更差，一致？

Most of the incentives that we commit to contractually today are in the United States.

我們今天通過合同承諾的大多數激勵措施都在美國。

So as a backdrop it's the economy is more challenging and if payment volume is growth rates are less than what they have been over the past several years when the U.S.

因此，作為背景，經濟更具挑戰性，如果支付量增長率低於過去幾年美國的增長率。

economy was stronger, then it would be natural for the incentive payouts to -- earn outs to be less than what they would have been a year or two ago.

經濟更強勁，那麼獎勵支出自然會低於一兩年前的水平。

And these things are difficult to model absent knowing exactly what growth rate each individual client is delivering.

如果不知道每個客戶提供的增長率是多少，這些東西很難建模。

But I would say on average as a US portfolio it is paying out less primarily driven by the economic environment that all of our clients find themselves in today in the US.

但我想說的是，作為一個美國投資組合，平均而言，它的支出主要受我們所有客戶今天在美國所處的經濟環境的驅動。

Okay.

好的。

So any view toward ongoing or maybe accelerated deceleration if you will, a slowdown in volume growth would have probably a commensurate positive effect, if you will, on the contra revenue line.

因此，如果你願意的話，任何關於持續或加速減速的觀點，如果你願意的話，銷量增長的放緩可能會對相反的收入產生相應的積極影響。

What we tried to give you to be helpful is first with -- very near term what we indicated that for the fourth quarter of this year we think the incentives -- we think of it as incentives as a percent of gross revenue.

我們試圖為您提供幫助的首先是 - 非常短期內，我們表示今年第四季度我們認為激勵措施 - 我們將其視為佔總收入百分比的激勵措施。

We are suggesting that or guiding that we think it will be around 16% incentive to gross revenue in the fourth quarter, which is in that range -- a much more normalized range of incentives to gross revenue.

我們建議或指導我們認為第四季度總收入將有 16% 左右的激勵，這在該範圍內——對總收入的激勵範圍更加標準化。

So something in that range of 16% to 17% is something that we think is -- would be fair to think about in the near term.

因此，我們認為在 16% 到 17% 的範圍內是公平的，在短期內可以考慮。

Okay.

好的。

And then just a question on the competitive environment.

然後只是一個關於競爭環境的問題。

Anything changing first of all on pricing?

首先在定價上有什麼變化嗎？

And then second MasterCard's announced a fairly aggressive push into debit, one of the features of which this is option to use any MasterCard signature debit card as a pin debit card, any view how that might sway issuers decisions as to who'd they rather, whose brand they would have predominant on their cards?

然後第二個萬事達卡宣布相當積極地進軍借記卡，其中一個功能是可以選擇使用任何萬事達卡簽名借記卡作為密碼借記卡，任何觀點都可能影響發行人關於他們更喜歡誰的決定，他們將在他們的卡片上佔據主導地位的品牌是誰？

We are mindful what MasterCard has done.

我們注意到萬事達卡所做的一切。

And we are respectful of them and what they have done.

我們尊重他們以及他們所做的一切。

But I would -- there is no way in the world that I would guide you to the fact that we are going to lose any significant debit volume in the near future, or the future that I can see.

但我會 - 世界上沒有辦法讓你知道我們將在不久的將來或我能看到的未來失去任何重要的借方數量。

Alright.

好吧。

That's pretty definitive.

這是相當確定的。

Thank you very much.

非常感謝。

We probably have time for one more question.

我們可能還有時間再問一個問題。

Okay.

好的。

Thank you, sir.

謝謝你，先生。

The next question is from Bruce Harting of Lehman Brothers.

下一個問題來自雷曼兄弟的布魯斯·哈廷。

I looks like this is your strongest debit volume growth quarter in the last seven or eight.

我看起來這是你在過去七八年中最強勁的借方數量增長季度。

Maybe how high can you go and how low do you think the credit growth can go specific to the US?

也許你能走多高，你認為美國的信貸增長能走多低？

Joe, you mentioned you have the ability to visit Washington.

喬，你提到你有能力訪問華盛頓。

Can you -- if you could could you frame the debate as you see it and what the Visa platform is?

你能 - 如果你能按照你的觀點和 Visa 平台是什麼來構建辯論嗎？

Thanks.

謝謝。

Well, I think that we are looking at reasonably steady state growth parameters in the credit and debit right now.

好吧，我認為我們現在正在研究信貸和借方中相當穩定的增長參數。

I don't see it changing a lot, even when I -- in the near future, but I don't know.

即使在不久的將來，我也不認為它會發生很大變化，但我不知道。

It's not predictable.

這是不可預測的。

As it relates to Washington, I think what we said earlier was that we have an ability to go there, and we have an ability to talk to them, and we have an ability to lay out the facts, and we are considerably more positive about the end result than we might have been even a couple of months ago.

因為它與華盛頓有關，我認為我們之前所說的是我們有能力去那裡，我們有能力與他們交談，我們有能力列出事實，我們對最終結果甚至比我們幾個月前的結果還要好。

And we will continue to do that.

我們將繼續這樣做。

And of course I'm talking about interchange.

當然，我說的是交換。

I'm not talking about fair credit billing practices.

我不是在談論公平的信用計費做法。

That is not an issue that we are directly involved in.

這不是我們直接參與的問題。

It is not an issue that we would talk to anybody in Washington about.

這不是我們會在華盛頓與任何人談論的問題。

That is an issue between financial institutions and the fed and congress.

這是金融機構與美聯儲和國會之間的問題。

Thanks.

謝謝。

Is there anything between now and the election that would come forth out of Washington on interchange?

從現在到選舉之間，是否有任何東西會從華盛頓的交流中出來？

I don't believe so.

我不相信。

Okay.

好的。

Thank you.

謝謝你。

Okay.

好的。

Thank you all very much for joining us today.

非常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。

Thank you for participating in today's conference call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連接。