Visa Inc (V) 2008 Q4 法說會逐字稿

Welcome to Visa, Inc.

歡迎來到 Visa, Inc.

fiscal fourth quarter and full-year 2008 earnings conference call.

2008 財年第四季度和全年財報電話會議。

(OPERATOR INSTRUCTIONS) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

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 global investor relations for Visa.

Visa全球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。

Thank you, Jose.

謝謝你，何塞。

Good afternoon and welcome to Visa, Inc.

下午好，歡迎來到 Visa, Inc.

fourth quarter and full year 2008 earnings conference call.

2008 年第四季度和全年收益電話會議。

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

今天發言的有 Visa 董事長兼首席執行官 Joe Saunders 和 Visa 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 the web site at www.investor.visa.com.

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

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

網絡廣播的重播也將在我們的網站上進行 30 天。

A power point deck containing highlights of today's commentary was posted to our website prior to this call.

在本次電話會議之前，我們的網站上發布了包含今天評論要點的幻燈片。

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 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 filing the SEC which can be accessed through the SEC website or investor relations section of the Visa website.

有關這些因素的更多信息可在公司向 SEC 提交的文件中獲取，該文件可通過 SEC 網站或 Visa 網站的投資者關係部分訪問。

For historical non-GAAP or pro forma related financial information disclosed on 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 fourth quarter earnings press release.

對於本次電話會議上披露的歷史非公認會計原則或備考相關財務信息，相關的公認會計原則措施和美國證券交易委員會法規 G 要求的其他信息可在我們第四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 SEC of our website.

此新聞稿也可以通過我們網站的投資者關係 SEC 訪問。

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

有了這個，我會把電話轉給喬。

Thank you, Jack.

謝謝你，傑克。

Thanks to all of you for joining us this afternoon.

感謝大家今天下午加入我們。

Before I is discuss earnings, left me speak to the Discover litigation which, as you know, we settled two days ago.

在我討論收益之前，讓我談談 Discover 訴訟，如你所知，我們兩天前就和解了。

We are obviously very pleased that we were able to put this behind us in a manner quite consistent with our retrospective responsibility plan.

我們顯然很高興我們能夠以與我們的追溯責任計劃完全一致的方式將其置於我們身後。

An additional component of the Discover settlement is settlement of unasserted claims by MasterCard.

Discover 和解的另一個組成部分是對 MasterCard 未主張的索賠的解決。

With this settlement, I am delighted to tell you that all disputes between Visa, its primary competitors, MasterCard, American Express, [First Data] and Discover have now been resolved.

通過此次和解，我很高興地告訴您，Visa 與其主要競爭對手萬事達卡、美國運通卡、[First Data] 和 Discover 之間的所有爭議現已得到解決。

That's an important milestone.

這是一個重要的里程碑。

Although the expense for the Discover settlement did flow through our income statement this quarter as per the retrospective responsibility plan, there is no direct cost to our public class A shareholds, and there is no delusion to their holdings.

儘管根據追溯責任計劃，Discover 和解的費用確實流經了我們本季度的損益表，但我們的公開 A 類股權沒有直接成本，也沒有錯覺他們的持股。

With respect to the MasterCard release as previously reported Visa, Inc.

關於之前報導的萬事達卡發行，Visa, Inc.

had taken a $30 million after tax reserve in the third quarter since this claim is not covered by the retrospective responsibility plan.

由於追溯責任計劃不涵蓋此項索賠，因此在第三季度已提取了 3000 萬美元的稅後準備金。

As the obligation was connected to the ultimate settlement amount, we recognized an additional $18 million after tax reserve this quarter.

由於該義務與最終結算金額相關，我們在本季度確認了額外的 1800 萬美元稅後儲備金。

As a result of the discover settlement we will be taking steps this fiscal first quarter to fund our escrow account with an additional $1.1 million.

作為發現和解的結果，我們將在本財年第一季度採取措施，為我們的託管賬戶追加 110 萬美元。

As per our retrospective responsibility plan, when we fund the escrow our class B shareholders will bear this cost via a reduction in their as converted share count.

根據我們的追溯責任計劃，當我們為託管提供資金時，我們的 B 類股東將通過減少轉換後的股份數量來承擔這筆費用。

It is our intention to seek an amendment to our charter to permit us to deposit our own funds into the escrow account and buy down class B ownership directly.

我們打算對我們的章程進行修改，以允許我們將自己的資金存入託管賬戶並直接購買 B 類所有權。

This approach reduces the total number of shares outstanding for EPS calculation purposes, effectively operating as a share repurchase program in the amount of $1.1 billion.

這種方法減少了用於計算每股收益的流通股總數，有效地作為一項價值 11 億美元的股票回購計劃運作。

Now let move on to earnings.

現在讓我們繼續討論收益。

In the face of a tough US economic environment and increasingly difficult international economic situation as well, the relative resiliency of Visa's business model is once again reflected in our earnings results.

面對嚴峻的美國經濟環境和日益嚴峻的國際經濟形勢，Visa 商業模式的相對彈性再次體現在我們的盈利業績中。

Our adjusted fourth quarter net income was $448 million, this equates to adjusted diluted earnings per share of $0.58.

我們調整後的第四季度淨收入為 4.48 億美元，這相當於調整後的稀釋後每股收益 0.58 美元。

For all of 2008, adjusted net income was $1.7 billion while adjusted diluted earnings per share was $2.25.

2008 年全年，調整後的淨收入為 17 億美元，調整後的攤薄後每股收益為 2.25 美元。

Net operating revenues in the fourth quarter were strong at $1.7 billion, an increase of 17% over the fourth quarter of 2007 on a pro forma basis as we again saw solid growth across all fee categories.

第四季度的淨營業收入強勁，達到 17 億美元，在備考基礎上比 2007 年第四季度增長 17%，因為我們再次看到所有費用類別的穩健增長。

For the full year of 2008, net operating revenues were $6.3 billion, an increase of 21% over 2007 on a pro forma basis.

2008 年全年，淨營業收入為 63 億美元，在備考基礎上比 2007 年增長 21%。

As we had signaled in past earnings calls, we are now seeing operating revenues running more in line with our long-[term guidance as the positive effects of earlier pricing adjustments have generally been reflected on a year-over-year comparative basis.

正如我們在過去的財報電話會議中所暗示的那樣，我們現在看到營業收入更符合我們的長期指引，因為早期定價調整的積極影響通常反映在同比比較基礎上。

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

我們還繼續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。

We maintain good expense control in our fourth physical quarter and for all of 2008, and we remain committed to managing our expenses prudently without compromising investments in products, technology necessary to fuel future growth.

我們在第四季度和 2008 年全年保持良好的費用控制，並且我們仍然致力於謹慎管理我們的費用，同時不影響對推動未來增長所必需的產品和技術的投資。

As a result, we delivered strong operating margins this quarter in line with our recently increased external guidance of mid to high 40% range.

因此，我們本季度實現了強勁的營業利潤率，符合我們最近增加的 40% 中高範圍的外部指導。

We expect to continue that to be the case in fiscal 2009 and 2010.

我們預計 2009 財年和 2010 財年將繼續如此。

The recent past has been relatively positive.

最近的過去相對積極。

What are we seeing for the future.

我們對未來的看法。

From a broad perspective, we are seeing a further slowdown in consumer spending in the US as well as across border volumes.

從廣泛的角度來看，我們看到美國消費者支出以及跨境消費量進一步放緩。

Here in the US for the calendar quarter ending September 2008, on which our 2009 first fiscal quarter's US service fee revenue will be based, aggregate payment volume growth in the US has continued to trend at the 10% level seen in the June quarter.

在美國，截至 2008 年 9 月的日曆季度（我們 2009 年第一財季的美國服務費收入將以此為基礎），美國的總支付量增長繼續保持在 6 月季度的 10% 水平。

Deconstructing this further credit volume growth averaged in the low single digits in the quarter trending lower through September.

解構這一進一步的信貸量增長，在截至 9 月的季度趨於下降的低個位數平均水平。

In sharp contrast to credit, debit volume growth was running at low to mid double digits throughout the quarter pointing out not only the resiliency of this product but the fact that the secular shift to plastic continues.

與信貸形成鮮明對比的是，在整個季度中，借記卡交易量的增長都在兩位數的中低位，這不僅表明了該產品的彈性，而且表明向塑料的長期轉變仍在繼續。

Since the beginning of October we have experienced additional moderation in volume growth in the US credit payment volume which was in the 1% to 2% range for most of the quarter, has turned negative through the first three weeks of October.

自 10 月初以來，美國信貸支付量的增長進一步放緩，本季度大部分時間在 1% 至 2% 的範圍內，但在 10 月的前三周轉為負數。

In contrast, debit payment volume has continued to grow at low double digits.

相比之下，借記卡支付量繼續以兩位數的低位增長。

While international payment volume growth rates remain stable through September, cross border volumes are off the high teens level seen in the June quarter and were running in the high single digits at the end of September.

雖然國際支付量增長率在 9 月份保持穩定，但跨境交易量已脫離 6 月份季度的青少年水平，並在 9 月底以高個位數運行。

It is important to remember that despite the current economic head winds, international growth both in credit and debit continues to offer us very attractive longer term opportunities as the economies mature and payment systems evolve around the globe.

重要的是要記住，儘管當前的經濟逆風，但隨著經濟的成熟和全球支付系統的發展，信貸和借記的國際增長繼續為我們提供極具吸引力的長期機會。

Visa is in a superior position to benefit from this trend over the long term.

從長遠來看，Visa 處於有利地位，可以從這一趨勢中受益。

So, working in our favor is our industry-leading debit presence here in the US and still positive growth rates in credit and cross border volumes around the globe through September.

因此，對我們有利的是我們在美國的行業領先的借記卡業務，並且截至 9 月，全球信貸和跨境交易量仍保持正增長。

This should allow us to meet the high end of our 11% to 15% revenue guidance for our fiscal first quarter of 2009 and based on initial observations in October, the middle of the range for our second fiscal quarter.

這應該使我們能夠達到我們 2009 財年第一季度 11% 至 15% 收入指導的高端，並根據 10 月份的初步觀察，即我們第二財季的中間區間。

Given the uncertainty over the longer term direction of the economy, however, in the US and around the globe for the full year of 2009, 2010 we are targeting the lower end of that 11% to 15% revenue range, including the possibility of single digit growth in our fiscal third and fourth quarters with low to flat cross border volume growth.

然而，鑑於經濟長期方向的不確定性，在美國和全球 2009 年和 2010 年全年，我們的目標是 11% 至 15% 收入範圍的下限，包括單一業務的可能性我們第三財季和第四財季的數字增長，跨境交易量增長低至持平。

But importantly, we remain committed to meeting our guidance of adjusted operating revenue margins in the mid to high 40% range and the 20 plus percent adjusted diluted earnings per share growth for 2009 and 2010.

但重要的是，我們仍然致力於實現調整後營業利潤率在 40% 到 40% 的中高範圍內以及 2009 年和 2010 年調整後稀釋後每股收益增長超過 20% 的指導。

Even in a down scenario that saw only mid to high single digit revenue growth in 2010, we could sustain these targets.

即使在 2010 年收入只有中高個位數增長的下行情景中，我們也可以維持這些目標。

Byron will cover additional guidance metrics and other underlying dynamics momentarily.

拜倫將暫時涵蓋其他指導指標和其他潛在動態。

Finally, let me touch on the current wave of bank consolidation and how I see it affecting Visa over the near and longer term.

最後，讓我談談當前的銀行整合浪潮，以及我認為它在近期和長期內對 Visa 的影響。

Bank consolidation has accelerated recently.

近期銀行整合加速。

It has been a constant factor in the financial industry for decades.

幾十年來，它一直是金融業的一個不變因素。

The Visa organization and our strength in both credit and debit has proven to be highly adaptable to changing market conditions.

Visa 組織和我們在信用卡和借記卡方面的實力已被證明能夠高度適應不斷變化的市場條件。

Past mergers in the industry have not had a negative effect on us.

該行業過去的合併並未對我們產生負面影響。

To the contrary, our technology scale and product suites make us an attractive partner to our very largest clients as well as to smaller community banks and credit unions.

相反，我們的技術規模和產品套件使我們成為我們最大的客戶以及較小的社區銀行和信用合作社的有吸引力的合作夥伴。

In the current wave of consolidation, we believe that we are in good shape.

在當前的盤整浪潮中，我們相信我們處於良好狀態。

That does not mean that we are resting on the positive history of these relationships or that we take them for granted.

這並不意味著我們依賴於這些關係的積極歷史，或者我們認為它們是理所當然的。

We will remain focused on serving our clients and adding value to those relationships wherever we can.

我們將繼續專注於為我們的客戶服務，並儘可能為這些關係增加價值。

With that, let me turn the call over to Byron who will take you through the financial results and I'll be back to provide updates around some of our newer business initiatives.

有了這個，讓我把電話轉給拜倫，他將帶您了解財務結果，我會回來提供有關我們一些新業務計劃的更新。

Thank you, Joe.

謝謝你，喬。

Let me begin by highlighting some of the business and revenue drivers from the quarter that are representative of the strength of our business.

讓我首先強調本季度代表我們業務實力的一些業務和收入驅動因素。

Payment volume through the end of June, which drives our fourth quarter service fees, grew 15% to $699 billion over the same quarter of 2007 on a pro forma basis with the US growing at 10% and the rest of the world growing at 25%.

截至 6 月底的支付量推動了我們第四季度的服務費，在 2007 年同一季度的備考基礎上增長了 15% 至 6,990 億美元，其中美國增長了 10%，世界其他地區增長了 25% .

In the September ending quarter, US payments volume continued in the 10% range.

在 9 月底的季度，美國的支付量繼續保持在 10% 的範圍內。

Through the first three weeks of October, US payments volume growth has moved to mid single digits with credit turning negative and debit in the low double digits.

在 10 月的前三週，美國的支付量增長已達到中個位數，信貸轉為負數，借方處於低兩位數。

Cross border volume growth in the June ending quarter was in the high teens, moderating to the mid teens in the September quarter though trending lower through the period to end the month of September in the high single digits.

6 月底季度的跨境交易量增長處於高位，在 9 月季度放緩至 10 歲左右，但在截至 9 月底的期間呈高個位數下降趨勢。

In October, cross border volume growth continued to trend down in all regions except [Semia].

10 月，除 [Semia] 外，所有地區的跨境交易量增長繼續呈下降趨勢。

To put cross border payment volume in historical context, in the recessionary period of late 2001 and early 2002, monthly payment volume growth fell to low single digits and there were several months that were slightly negative but the severity differed around the globe and an on annual basis.

將跨境支付量放在歷史背景下，在 2001 年末和 2002 年初的經濟衰退時期，月支付量增長下降到個位數的低位，有幾個月略有負增長，但全球範圍內的嚴重程度不同，年基礎。

It remained positive for each of those years and, importantly, upon an economic recovery the rebound was swift and meaningful across all regions.

這些年的每一年都保持積極的態勢，重要的是，隨著經濟復甦，所有地區的反彈都是迅速而有意義的。

Moving on to transaction growth, payment and cash transactions were up 14% to $14.1 billion in the quarter ending June 2008 versus the prior year.

繼續交易增長，截至 2008 年 6 月的季度，支付和現金交易比上年增長 14%，達到 141 億美元。

While the US grew approximately 10% during the period, the rest of the world grew at 20%, led by our [Semier] region at 27% and Asia Pacific and Latin America at 19% and 23% respectively.

雖然美國在此期間增長了約 10%，但世界其他地區增長了 20%，其中我們的 [Semier] 地區增長了 27%，亞太地區和拉丁美洲分別增長了 19% 和 23%。

Processed transactions, or those we define as being processed over Visa's network, totaled $9.6 billion in the fiscal fourth quarter, an increase of 11% over the similar period a year ago.

處理的交易，或者我們定義為通過 Visa 網絡處理的交易，在第四財季總計 96 億美元，比去年同期增長 11%。

Globally, which excludes Europe, card growth for the period ending June was up 12% with over 1.6 billion cards carrying the Visa brand.

在不包括歐洲在內的全球範圍內，截至 6 月份的期間，卡增長了 12%，超過 16 億張帶有 Visa 品牌的卡。

Credit grew 8% to 798 million cards while debit rose 17% to 847 million cards.

信用卡增長 8% 至 7.98 億張，而藉記卡增長 17% 至 8.47 億張。

Internationally, credit and debit card growth was very strong, each growing 18% year-over-year.

在國際上，信用卡和借記卡增長非常強勁，均同比增長 18%。

While credit in general is a more mature market domestically, you can see that internationally we continue to have a lot of runway.

雖然信貸在國內總體上是一個更成熟的市場，但你可以看到，在國際上我們仍然有很多跑道。

On the debit side, as we have often stated, one of our near-[term goals is moving these debit cards from cash at ATMs to the point of sale.

在藉方方面，正如我們經常所說的那樣，我們的近期目標之一是將這些借記卡從 ATM 機上的現金轉移到銷售點。

Moving on to the income statement.

繼續損益表。

In the fourth quarter, gross revenues of $2 billion were up 20% from the pro forma prior year.

第四季度，總收入為 20 億美元，比去年的備考增長了 20%。

Volume and support incentives increased by $83 million to $299 million representing 15% of gross revenue.

數量和支持獎勵增加了 8300 萬美元，達到 2.99 億美元，佔總收入的 15%。

For the full year, gross revenues of $7.4 billion were up 26% from the 2007 pro forma period.

全年總收入為 74 億美元，比 2007 年的備考期增長了 26%。

Volume and support incentives increased by $447 million to $1.2 billion, representing 16% of gross revenue.

數量和支持獎勵增加了 4.47 億美元，達到 12 億美元，佔總收入的 16%。

For 2009, we are expecting volume and support incentives will run in the 16% to 17% range.

對於 2009 年，我們預計數量和支持獎勵將在 16% 到 17% 的範圍內運行。

If we continue to see lower levels of payment volume growth we would expect to see some offsetting benefit in this line item.

如果我們繼續看到較低水平的支付量增長，我們預計會在該項目中看到一些抵消性收益。

Total net operating revenues were just over $1.7 billion, a 17% increase over the pro forma operating revenues recorded for the fourth quarter of 2007.

總淨營業收入剛剛超過 17 億美元，比 2007 年第四季度的備考營業收入增長了 17%。

For the full year 2008, total net operating revenues were $6.3 billion, a 21% increase over the pro forma operating revenues of $5.2 billion recorded for 2007.

2008 年全年，總淨營業收入為 63 億美元，比 2007 年記錄的 52 億美元的備考營業收入增加了 21%。

Moving on to the individual revenue line items.

轉到各個收入行項目。

Service fee revenue was $788 million, up 8% over the pro forma results of the prior year period, reflective of higher year-over-year payment volumes in all regions.

服務費收入為 7.88 億美元，比去年同期的備考結果增長 8%，反映出所有地區的支付量同比均有所增加。

For all of 2008, service fees were $3.1 billion, up 19% over 2007 on a pro forma basis.

2008 年全年，服務費為 31 億美元，在形式上比 2007 年增長 19%。

Data processing fee revenue was $548 million, up 18% over the prior year periods pro forma $463 million.

數據處理費收入為 5.48 億美元，比去年同期的 4.63 億美元增長 18%。

For the full year, data processing fees were $2.1 billion, up 25% over 2007.

全年數據處理費用為 21 億美元，比 2007 年增長 25%。

International transaction fees were up 45% to $512 million while for the full year 2008 they were up 44% to $1.7 billion.

國際交易費用增長 45% 至 5.12 億美元，而 2008 年全年則增長 44% 至 17 億美元。

Both time periods continue to benefit from strong, multi-currency payment volume across all regions as well as from pricing adjustments we made in April of this year to cross border transactions involving US issued cards.

這兩個時期繼續受益於所有地區強勁的多幣種支付量，以及我們在今年 4 月為涉及美國發行的卡的跨境交易所做的定價調整。

As mentioned earlier, cross border transactions are currently moderating across the globe, though we remain cautiously optimistic that they will continue to pose growth and rebound with the economy.

如前所述，目前全球跨境交易正在放緩，但我們仍對它們將繼續帶來增長和經濟反彈保持謹慎樂觀。

Our adjusted operating margin was approximately 45% this quarter and 46% for the full year, consistent with our guidance.

本季度調整後的營業利潤率約為 45%，全年為 46%，與我們的指導一致。

On an adjusted basis, operating expenses for the fourth quarter declined $229 million or 20% year-over-year to $943 million driven primarily by lower costs for marketing and personnel.

經調整後，第四季度的運營費用同比下降 2.29 億美元或 20% 至 9.43 億美元，主要是由於營銷和人員成本降低。

For all of 2008, on an adjusted basis, operating expenses were $3.4 billion, a decline of 4% compared to the 2007 pro forma period again driven by lower costs for advertising and personnel.

2008 年全年，經調整後的運營費用為 34 億美元，與 2007 年備考期間相比下降了 4%，這又是由於廣告和人員成本降低所致。

We expect that advertising and marketing expense in 2009 to be relatively flat to 2008 and we are continuing our focus on driving operating efficiencies across the enterprise.

我們預計 2009 年的廣告和營銷費用將與 2008 年相對持平，我們將繼續專注於提高整個企業的運營效率。

Capital expenditures were $93 million in the quarter, over half of which were dedicated to the buildout of our new data center.

本季度的資本支出為 9300 萬美元，其中一半以上用於建設我們的新數據中心。

Fiscal 2008 capital spending was approximately $415 million.

2008 財年的資本支出約為 4.15 億美元。

For fiscal 2009, we expect CapEx to be between $300 million and $350 million, lower than the 2008 figure but still elevated as we complete our new data processing center.

對於 2009 財年，我們預計資本支出將在 3 億至 3.5 億美元之間，低於 2008 年的數字，但隨著我們完成新的數據處理中心後仍會有所提高。

Post 2009, we expect CapEx to run at around 3% to 4% of gross revenue on an annualized basis.

2009 年之後，我們預計資本支出按年計算將佔總收入的 3% 至 4% 左右。

Moving on to the balance sheet.

轉到資產負債表。

We ended the fourth quarter with cash, cash equivalents, available for sale investments and restricted cash of $7.5 billion, a decline of approximately $900 million over the prior quarter.

第四季度末，我們的現金、現金等價物、可供出售投資和受限現金為 75 億美元，比上一季度減少約 9 億美元。

This variance was the result of our annual $200 million payment for the retailers litigation settlement which runs through 2012 as well as a reclassification of approximately $953 million from the cash line to the other current assets line on our balance sheet.

這一差異是由於我們每年為零售商訴訟和解支付的 2 億美元（貫穿 2012 年）以及將大約 9.53 億美元從現金線重新分類到我們資產負債表上的其他流動資產線的結果。

This reclassification was the result of our investment in the reserve primary fund, a previously highly rated money market fund becoming a liquid.

此次重新分類是我們投資於儲備初級基金的結果，此前評級很高的貨幣市場基金變得具有流動性。

This resulted in an impairment charge of $29 million in the fourth quarter.

這導致第四季度的減值費用為 2900 萬美元。

We believe we will receive our net investment of $953 million over the coming months as the fund is liquidated.

我們相信，隨著基金清算，我們將在未來幾個月內收到 9.53 億美元的淨投資。

This charge is reflected in the investment income line on our P&L and is the primary reason we saw a decline in that line this quarter.

這項費用反映在我們損益表的投資收益線中，也是我們本季度看到該線下降的主要原因。

Of the current $7.5 billion in cash, cash equivalents, available for sale investments, and restricted cash, restricted cash of approximately $1.9 billion represents the balance of the $3 billion litigation escrow established at the IPO less the initial payments to American Express of $1.1 billion.

在當前 75 億美元的現金、現金等價物、可供出售投資和受限現金中，約 19 億美元的受限現金是 IPO 時設立的 30 億美元訴訟託管餘額減去向美國運通支付的 11 億美元的初始付款。

Please also note that of the $7.5 billion in year-end cash, that on October 10 we deployed $2.6 billion to redeem all of the Series 2 and a portion of the Series 3 Class C shares that were held by Visa Europe.

另請注意，在 75 億美元的年終現金中，我們在 10 月 10 日部署了 26 億美元來贖回 Visa Europe 持有的所有系列 2 和部分系列 3 C 類股票。

Thus, on a pro forma basis, cash and cash equivalents should be reduced by this amount for the current quarter.

因此，在備考基礎上，本季度的現金和現金等價物應減少該金額。

Let me remind you that the balance of the C class common stock holdings continue to be locked up until March 2011 while the Class B shares are locked up until the later of March 2011 or upon resolution of all of the covered litigation.

讓我提醒您，C 類普通股持有的餘額將繼續鎖定至 2011 年 3 月，而 B 類股票將被鎖定至 2011 年 3 月下旬或所有涵蓋的訴訟解決後。

Our pro forma share count post this redemption stands at 776 million shares.

此次贖回後，我們的備考股數為 7.76 億股。

As we have stated since our IPO road show, given our sizable free cash flow, we have always anticipated implementing a share repurchase program in keeping with our strong belief in returning excess cash to stockholders.

正如我們自首次公開募股路演以來所說的那樣，鑑於我們可觀的自由現金流，我們一直期望實施股票回購計劃，以符合我們將多餘現金返還給股東的堅定信念。

In this context, the actions Joe discussed earlier to fund the escrow this quarter directly from our cash balances has the same effect as a stock repurchase since Visa will be buying down Class B share holdings and reducing the amount of shares outstanding for EPS calculation purposes.

在這種情況下，喬之前討論過的直接從我們的現金餘額中為本季度託管資金的行動與股票回購具有相同的效果，因為 Visa 將減持 B 類股票並減少用於計算每股收益的流通股數量。

The size of the repurchase is expected to be approximately $1.1 billion.

回購規模預計約為11億美元。

Before I get into our views on 2009 and 2010, let me bring you up to date on how we are viewing our evolving capital structure strategy.

在談及我們對 2009 年和 2010 年的看法之前，讓我先向您介紹一下我們如何看待我們不斷發展的資本結構戰略。

Simply stated, the key objectives are to reduce our cost of capital over time, ensure adequate liquidity to cover transaction settlement risks, and provide sufficient financing capacity to fund future contractual or other obligations such as a Visa [Europut], an attractive acquisition.

簡單地說，關鍵目標是隨著時間的推移降低我們的資本成本，確保有足夠的流動性來應對交易結算風險，並提供足夠的融資能力來為未來的合同或其他義務提供資金，例如 Visa [Europut]，這是一項有吸引力的收購。

As part of this strategy, management also intends to identify excess cash on the balance sheet and then further enhance total shareholder return by returning cash to shareholders in the form of dividends and share repurchases.

作為該戰略的一部分，管理層還打算識別資產負債表上的多餘現金，然後通過以股息和股票回購的形式向股東返還現金，進一步提高股東總回報。

Under our preferred approach, the reduction in shares associated with the replenishment of the escrow account will be funded from excess cash.

根據我們的首選方法，與補充託管賬戶相關的股份減少將由多餘的現金提供資金。

Although we have significant debt capacity today, we have no compelling use of proceeds and, therefore, plan to wait and add debt at an appropriate time.

儘管我們今天有很大的債務能力，但我們沒有令人信服的收益用途，因此計劃在適當的時候等待並增加債務。

As we enter fiscal year 2009, the Company believes that the combination of its cash reserves, bank collateral, credit revolver, and debt capacity is more than sufficient to cover Visa's liquidity needs from any individual bank disruption or foreseeable financial event.

隨著我們進入 2009 財年，公司相信其現金儲備、銀行抵押品、循環信貸和債務能力的組合足以滿足 Visa 因任何個別銀行中斷或可預見的金融事件而產生的流動性需求。

As our capital strategy evolves, we will keep you updated.

隨著我們資本戰略的發展，我們將為您提供最新信息。

Now let me comment on what we see over the coming year as far as our operating performance is concerned.

現在讓我評論一下我們對未來一年的經營業績的看法。

As Joe already mentioned, payment volume growth is moderating.

正如喬已經提到的，支付量增長正在放緩。

As a result, on a full-year basis, we are projecting revenues to come in at the lower end of our 11% to 15% guidance range.

因此，在全年的基礎上，我們預計收入將處於我們 11% 至 15% 指導範圍的下限。

While we expect to achieve the high end of the range in our first fiscal quarter and the middle of the range in the second fiscal quarter, the third and fourth quarters could be more challenging with the possibility of single digit growth.

雖然我們希望在第一財季達到區間的高端，在第二財季達到區間的中間，但第三和第四季度可能會因個位數增長而更具挑戰性。

We are maintaining our mid to high 40% range for adjusted operating margin in both 2009 and 2010 as we should continue to realize incremental savings from our merger and cost initiatives.

我們將 2009 年和 2010 年調整後的營業利潤率保持在 40% 的中高區間，因為我們應該繼續從合併和成本計劃中實現增量節省。

We remain on track to deliver annual adjusted diluted earnings per share growth of greater than 20% again for both 2009 and 2010 while annual free cash flow should exceed 2008's figure of $1.7 billion.

我們仍有望在 2009 年和 2010 年再次實現 20% 以上的年度調整後稀釋每股收益增長，而年度自由現金流應超過 2008 年的 17 億美元。

Our normalized tax rate for fiscal 2009 is projected to be 40% and we continue to take actions that are geared toward driving the rate down into a 35% to 36% range over the next four years.

我們 2009 財年的標準化稅率預計為 40%，我們將繼續採取行動，在未來四年內將稅率降至 35% 至 36% 的範圍內。

That concludes my comments, so I will turn the call back over to Joe.

我的評論到此結束，所以我會將電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

Before we begin Q&A, let me give you a quick update on some of our longer term initiatives and their progress.

在我們開始問答之前，讓我向您簡要介紹一下我們的一些長期計劃及其進展情況。

Since our IPO road show we have repeatedly talked about a series of longer term strategic priorities that we would be investing in to support our growth.

自我們的首次公開募股路演以來，我們反复討論了一系列長期戰略重點，我們將投資於支持我們的增長。

Longer term opportunities we have identified include money transfer, prepaid, mobile payments and e-commerce.

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 already are 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。

In late September we hosted a technology and innovation day in New York for members of the media, trade organizations and analysts.

9 月下旬，我們在紐約為媒體、貿易組織和分析師的成員舉辦了一個技術和創新日。

In conjunction with that event we announced several new innovative advances in electronic payments and services.

與那次活動相結合，我們宣布了電子支付和服務方面的幾項新的創新進展。

First, we announced that we are developing a suite of mobile applications for the Google android platform which will be available for download on android powered handsets and initially available to select Visa card holders.

首先，我們宣布我們正在開發一套適用於谷歌安卓平台的移動應用程序，這些應用程序可以在安卓手機上下載，並且最初可供選擇的 Visa 卡持有人使用。

The services will allow Visa card holders to receive notifications to their mobile devices about transaction activity on their accounts, obtain offers from a wide array of merchants and use the built-in location based technology developed by Google to quickly map nearby merchants where they can redeem Visa offers and locate ATMs that accept Visa.

這些服務將允許 Visa 卡持有人在其移動設備上接收有關其賬戶交易活動的通知，從眾多商家處獲取優惠，並使用谷歌開發的基於位置的內置技術快速映射附近的商家，以便他們可以兌換Visa 提供並定位接受 Visa 的 ATM。

We also announced in September that we are working with Nokia, the world as largest mobile handset manufacturer to deliver Visa payment and related services for Nokia's next generation near field communication handsets.

我們還在 9 月份宣布，我們正與全球最大的手機製造商諾基亞合作，為諾基亞的下一代近場通信手機提供 Visa 支付和相關服務。

The Visa applications will first be made available for trial use by interested financial institutions.

簽證申請將首先提供給感興趣的金融機構試用。

In conjunction with US Bank Corp we have launched a mobile money transfer pilot program to allow participating Visa card holders to use their mobile phones and PDAs to securely send funds directly to another Visa card holder.

我們與 US Bank Corp 合作推出了一項移動匯款試點計劃，允許參與的 Visa 卡持有人使用他們的手機和 PDA 安全地將資金直接發送給另一個 Visa 卡持有人。

The first phase of the program expected to launch in early 2009 will enable domestic money transfers within the US and will involve key Visa issuers led by US Bank and as many as 6,000 Visa account holders.

該計劃的第一階段預計將於 2009 年初啟動，將允許在美國境內進行國內匯款，並將涉及以美國銀行為首的主要 Visa 發行人和多達 6,000 名 Visa 賬戶持有人。

Lastly, we announced the expansion of Visa ReadyLink, a prepaid reload service, to enable the reload of eligible prepaid products at ATMs across the US.

最後，我們宣布擴展預付費充值服務 Visa ReadyLink，以便在美國各地的 ATM 機上充值符合條件的預付費產品。

Visa ReadyLink gives consumers a secure and convenient way to purchase and add funds to Visa reloadable prepaid cards, a significant advantage to financially underserved consumers, those without a traditional banking relationship or access to a payment card.

Visa ReadyLink 為消費者提供了一種安全便捷的方式來購買 Visa 可充值預付卡並為其充值，這對於經濟上服務不足的消費者、沒有傳統銀行業務關係或無法使用支付卡的消費者來說是一個顯著優勢。

Visa estimates that there are more than 80 million financially underserved consumers in the United States.

Visa 估計，美國有超過 8000 萬金融服務不足的消費者。

In addition to the above initiative updates, we have landed a number of new pieces of business recently and although they may not be adding meaningfully to revenue in the near term, they speak volumes to our position in the debit markets around the world.

除了上述舉措更新之外，我們最近還獲得了一些新業務，儘管它們在短期內可能不會顯著增加收入，但它們充分說明了我們在全球借記市場的地位。

First and last quarter we signed a multi-year agreement with the Royal Bank of Scotland under which the bank will begin issuing Visa branded debit cards to all its customers.

第一季度和上一季度，我們與蘇格蘭皇家銀行簽署了一項多年期協議，根據該協議，該銀行將開始向所有客戶發行 Visa 品牌的借記卡。

RBS includes citizens financial group here in the United States.

RBS 包括美國的公民金融集團。

The migration to the Visa brand is expected to take place in the second half of 2009.

向 Visa 品牌的遷移預計將在 2009 年下半年進行。

This is obviously a big win for Visa in a highly competitive marketplace.

在競爭激烈的市場中，這顯然是 Visa 的一大勝利。

We appreciate the trust and confidence RBS has placed in Visa and our debit offers.

我們感謝蘇格蘭皇家銀行對 Visa 和我們的借記卡優惠的信任和信心。

Second, we are announcing today that Visa and HSBC are expanding our global relationship to include new debit card programs in a dozen countries and territories throughout Asia Pacific and the first debit Visa pay wave enabled contactless payment programs in the Middle East.

其次，我們今天宣布，Visa 和匯豐銀行正在擴大我們的全球關係，包括在亞太地區十幾個國家和地區推出新的借記卡計劃，以及在中東推出第一個支持 Visa pay wave 的借記卡非接觸式支付計劃。

Under the terms of the five-year agreement for Asia Pacific, Visa will become an HSBC partner for consumer debit products with HSBC issuing more than 10 million Visa debit cards in countries including Australia, India, Indonesia and Taiwan.

根據亞太地區五年協議的條款，Visa 將成為匯豐銀行消費借記產品的合作夥伴，匯豐銀行在澳大利亞、印度、印度尼西亞和台灣等國家發行超過 1000 萬張 Visa 借記卡。

In addition, HSBC Middle East Limited will begin issuing Visa branded debit cards in the region in early 2009.

此外，匯豐中東有限公司將於 2009 年初開始在該地區發行 Visa 品牌的借記卡。

Some of these new cards will be Visa pay wave enabled, allowing consumers to make contactless payment transactions quickly and securely at the point of sale.

其中一些新卡將支持 Visa pay wave，允許消費者在銷售點快速、安全地進行非接觸式支付交易。

The HSBC Visa debit card will be available to all HSBC customers in eight countries, including the United Arab Emirates, [Berane] and Egypt.

匯豐 Visa 借記卡將可供 8 個國家的所有匯豐客戶使用，包括阿拉伯聯合酋長國、[Berane] 和埃及。

We are obviously delighted with our new arrangement with RBS citizens and HSBC and look forward to working with both partners to help build their respected businesses.

顯然，我們對與蘇格蘭皇家銀行公民和匯豐銀行的新安排感到高興，並期待與雙方合作，幫助他們建立受人尊敬的業務。

Importantly, these agreements deliver on our strategy to expand Visa's global debit leadership as we seek to further the migration from cash to check to Visa payments.

重要的是，這些協議實現了我們擴大 Visa 在全球借記卡領導地位的戰略，因為我們尋求進一步從現金到支票到 Visa 支付的遷移。

With that, we're ready to take questions.

有了這個，我們準備好回答問題了。

Operator?

操作員？

Yes, thank you.

是的，謝謝。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

First question comes from Tien-Tsin Huang, JPMorgan.

第一個問題來自摩根大通的 Tien-Tsin Huang。

You may ask your question.

你可以問你的問題。

Thanks.

謝謝。

Appreciate all of the disclosures.

感謝所有的披露。

Really helpful.

真的很有幫助。

Let me ask a question about pricing.

讓我問一個關於定價的問題。

Has your thinking on pricing and the ability to push through price increases change at all since last quarter given your commentary on the macro?

鑑於您對宏觀的評論，您對定價的想法和推動價格上漲的能力自上個季度以來是否發生了變化？

I think our position on pricing remains consistent with where we have been up to now.

我認為我們在定價方面的立場與我們迄今為止的立場保持一致。

And I think that we have indicated that we what we do from a prime pricing stand point will be consistent with good business practices and our partnerships around the world.

而且我認為我們已經表明，從主要定價的角度來看，我們所做的將與良好的商業慣例和我們在世界各地的合作夥伴關係保持一致。

Okay.

好的。

Very good.

很好。

Maybe if I can ask a quick followup then just on bank consolidation.

也許如果我可以要求快速跟進，然後只是關於銀行合併。

Joe, I know you gave some comments there, but can you give some additional insight on how and maybe when network brand decisions are made as a result of consolidation and obviously now Visa's positioned given some of the known consolidation that's out there?

喬，我知道你在那裡發表了一些評論，但你能否就如何以及何時做出網絡品牌決策作為整合的結果提供一些額外的見解，顯然現在 Visa 的定位是考慮到一些已知的整合？

Well, to say the least with we are in extraordinary environment and some of these transfers take on, they're different and they will happen at different times.

好吧，至少可以說，我們處於非同尋常的環境中，其中一些轉會發生，它們是不同的，它們會在不同的時間發生。

We obviously, as I said, are in constant contact with our partners and will don't be so.

正如我所說，我們顯然一直與我們的合作夥伴保持聯繫，而且不會如此。

But I think it is inappropriate to talk about contractual relationships.

但我認為談論合同關係是不合適的。

Fair enough.

很公平。

Thank you.

謝謝你。

The next question comes from Adam Frisch, UBS.

下一個問題來自瑞銀的亞當弗里施。

You may ask your question.

你可以問你的問題。

Thanks.

謝謝。

Good afternoon, great job on the color as well for what you are seeing there.

下午好，顏色和你在那裡看到的東西都做得很好。

I have two questions on credit.

我有兩個關於信用的問題。

First, can you speak to the quality of the 47% of your transactions in the US that are credit?

首先，您能否談談您在美國 47% 的信用交易的質量？

Any metric or data points that enable us to more appropriately assess the composition of your credit card holders?

是否有任何指標或數據點可以讓我們更恰當地評估您的信用卡持有人的構成？

I'm not -- I'm not sure credit cards are not 47% of our --

我不是——我不確定信用卡是否占我們的 47%——

Just talking about the transactions or the GDV, 47% of your GDV, but anything that speaks to the composition of your card holders whether it be FICO scores, what percent of them are revolvers or what percent are maxed out on credit lines or anything that gives us -- .

僅談論交易或 GDV，佔您 GDV 的 47%，但任何與持卡人組成有關的東西，無論是 FICO 分數、左輪手槍的百分比、信用額度最高的百分比或其他任何東西給我們 - 。

We are seeing a continued shift in both the debit and credit to nondiscretionary purchases.

我們看到借方和貸方都在繼續向非自由裁量購買轉變。

And indeed, when we have gone back and looked at it, it is the more creditworthy card holders that seem to be driving most of the purchases in the environment today.

事實上，當我們回過頭來看它時，似乎是更有信譽的持卡人推動了當今環境中的大部分購買。

There's a very low percentage of those transactions that are being driven by people that are credit impaired or at the low end of the FICO.

由信用受損或處於 FICO 低端的人推動的交易比例非常低。

What percentage of your card holders would be in that minority that are not generating a lot of the spend?

在您的持卡人中，有多少比例不會產生大量支出？

About 5%.

約5%。

Okay.

好的。

So that's great.

那太好了。

And then, just one other follow up, on the New York Times article today talking about the suggestion of the systemic shrinking of the consumer credit card industry.

然後，只是另一篇後續報導，今天紐約時報的文章談到了消費信用卡行業系統性萎縮的建議。

Obviously more movement than normal we are seeing with different issuers, but do you see the entire supply side getting materially smaller or is it just some shifts going on between issuers and specific geographies?

顯然，我們在不同發行人身上看到的變動比正常情況要多，但您是否看到整個供應方變得越來越小，或者僅僅是發行人和特定地區之間發生了一些變化？

That is a, that's a good question, and I am not sure that I'm in a position to amplify on that right now.

這是一個很好的問題，我不確定我現在是否能夠對此進行放大。

I think I would hold the thought for a quarter and let me observe what is happened from all of this movement in the last several weeks.

我想我會保持這個想法四分之一，然後讓我觀察過去幾週所有這些運動發生了什麼。

Okay.

好的。

Great.

偉大的。

Thanks, guys.

多謝你們。

The next question comes from Charlie Murphy, Morgan Stanley.

下一個問題來自摩根士丹利的查理墨菲。

You may ask your question.

你可以問你的問題。

Thank you.

謝謝你。

I was wondering if you can discuss the growth in service fees at 8% this quarter versus the 15% payment volume.

我想知道您是否可以討論本季度服務費增長 8% 與 15% 的支付量。

Is that an indication of pricing pressure and how do you expect that dynamic to play out over the next few quarters?

這是否表明定價壓力？您預計這種動態在未來幾個季度會如何發揮作用？

This is Byron.

這是拜倫。

Thank you for asking, Charlie.

謝謝你的提問，查理。

The, as I think many of you can appreciate, in October, at this time last year, we merged together five distinct autonomous regions.

我想你們中的許多人都會明白，去年 10 月的這個時候，我們將五個不同的自治區合併在一起。

And no sooner did we merge them and complete our IPO than we began to standardize all of the regions on a common chart of account.

我們合併它們並完成我們的首次公開募股後，我們就開始在一個共同的會計科目表上對所有地區進行標準化。

And what we realized, Charlie, as we began this exercise was that not all of our regions classified the revenue components in quite the same way in terms of fee categories as we report externally.

查理，當我們開始這項工作時，我們意識到，並非所有地區都以與我們對外報告的費用類別完全相同的方式對收入組成部分進行分類。

So, as a result, in recent months we have begun taking steps to standardize our revenue classifications globally and, therefore, you are beginning to see some of the effects of this common reporting format being applied and, therefore, you all are just going to have to bear with us a bit because our 2008 growth rates by fee category are just not going to normalize until some time next year.

因此，最近幾個月，我們開始採取措施在全球範圍內標準化我們的收入分類，因此，您開始看到應用這種通用報告格式的一些影響，因此，你們都將不得不忍受我們一點，因為我們 2008 年按費用類別劃分的增長率要到明年某個時候才能正常化。

In this particular case, some of the early adjustments we are making are shifting some of what have been classified as service fees today at that processing fees and, hence, the difference in the growth rates.

在這種特殊情況下，我們正在進行的一些早期調整正在改變一些今天被歸類為服務費的處理費，因此，增長率的差異。

I just want to emphasize two things, this has nothing to do with our ability to price or generate strong growth in any of these categories and, secondly, none of these changes impact our reported total revenue.

我只想強調兩件事，這與我們在任何這些類別中定價或產生強勁增長的能力無關，其次，這些變化都不會影響我們報告的總收入。

It is getting all of our regions aligned to report their fee categories in a common standardized global format.

它正在讓我們所有的地區統一起來，以通用的標準化全球格式報告他們的費用類別。

Thanks very much.

非常感謝。

The next question comes from Craig Maurer with Calyon.

下一個問題來自 Craig Maurer 和 Calyon。

You may ask your question.

你可以問你的問題。

Good afternoon.

下午好。

I wanted to ask if the global slowdown was affecting the level of banks in emerging markets that are looking to add your products or if it is having any kind of effect on the secular growth in terms of bringing on new economies?

我想問一下，全球經濟放緩是否影響了新興市場中尋求增加產品的銀行的水平，或者它是否對帶來新經濟體的長期增長產生了任何影響？

Thanks.

謝謝。

No.

不。

It is certainly is not noticeable to us.

這對我們來說當然是不明顯的。

We continue making progress in emerging countries, some of our biggest successes recently have been and continue to be in that category.

我們繼續在新興國家取得進展，我們最近取得的一些最大成功已經並將繼續屬於這一類別。

Okay.

好的。

Thank you.

謝謝你。

The next question comes from [Julio Kinteros], Goldman Sachs.

下一個問題來自高盛的 [Julio Kinteros]。

You may ask your question.

你可以問你的問題。

Great.

偉大的。

Real quickly, Byron, can you just go back through the two largest components of your expense, of your operating expenses looking at personnel, advertising, marketing and promotion and just walk us through how much further or what levels you think you can drive those two as you think about the offsets to slightly lower revenue trajectory over the next two years?

拜倫，真的很快，你能不能回顧一下你開支的兩個最大組成部分，你的運營開支，看看人事、廣告、營銷和促銷，然後告訴我們你認為你可以推動這兩個方面走多遠或達到什麼水平當您考慮對未來兩年收入軌跡略有下降的抵消？

Let me respond in this way.

讓我以這種方式回應。

As you all may recall from the road show, management had identified approximately $300 million of expense opportunity across the enterprise that we were committed to achieving as a part of the combination or merger of the five regions.

正如你們可能從路演中回憶的那樣，管理層已經在整個企業中確定了大約 3 億美元的支出機會，作為五個地區合併或合併的一部分，我們致力於實現這些機會。

We believe that of that original commitment, we are about two-thirds of the way through.

我們相信，在最初的承諾中，我們已經完成了大約三分之二。

However, we are also confident that there are additional opportunities beyond the $300 originally committed and that conviction is reflected in our guidance for 2009 and 2010 as it relates to our margins.

然而，我們也相信，在最初承諾的 300 美元之外還有更多機會，並且這種信念反映在我們對 2009 年和 2010 年的指導中，因為它與我們的利潤率有關。

Okay.

好的。

Great.

偉大的。

And then just can you just rehash the buy back commentary that you made with regard to the Class B shares, please?

然後，您能否重新討論一下您對 B 類股票所做的回購評論，好嗎？

So, the, in the preferred approach that Joe described, what we would --

所以，在喬描述的首選方法中，我們將——

I'm sorry.

對不起。

I meant the timing of it.

我的意思是它的時間。

That's all I need to hear.

這就是我需要聽到的。

Later second half of the current quarter.

本季度下半年晚些時候。

Got it.

知道了。

Thank you.

謝謝你。

Next question comes from Andrew Jeffrey, SunTrust.

下一個問題來自 SunTrust 的 Andrew Jeffrey。

You may ask your question.

你可以問你的問題。

Hi.

你好。

Thanks.

謝謝。

Can you, Byron, address a little bit the priorities for ad spend and whether you view that as a particular lever, especially given the slowdown in the US.

拜倫，您能否談談廣告支出的優先事項，以及您是否將其視為一種特殊的槓桿，尤其是考慮到美國經濟放緩的情況。

I imagine there's probably a reallocation of advertising and marketing and spending priorities here?

我想這裡可能會重新分配廣告和營銷以及支出優先級？

So, on the -- let's refresh the guidance.

所以，關於--讓我們刷新一下指南。

The guidance was marketing spending about flat 2009 versus 2008.

指導意見是 2009 年與 2008 年的營銷支出持平。

In previous commentary we have indicated that we are reallocating again an increasingly rigorous return on investment model that we are deploying in marketing.

在之前的評論中，我們已經表示我們正在重新分配我們在營銷中部署的越來越嚴格的投資回報模型。

And so using that model that is guiding what we have budgeted for 2009, but we will of course pace our expenditures with regards to the economic environment we find ourselves in and the rate of growth we are generating in revenue.

因此，使用指導我們 2009 年預算的模型，但我們當然會根據我們所處的經濟環境和我們在收入中產生的增長率來調整我們的支出。

Okay.

好的。

I am -- I'd like to add one thing to that.

我是——我想補充一件事。

The vast majority of our advertising in 2009 will be targeted at getting people to use plastic when they do whatever they do more frequently than they do today.

我們在 2009 年的大部分廣告都將針對讓人們在做他們比現在更頻繁的事情時使用塑料。

So in other words, whether the category grows in absolute terms or not, we are dedicated to providing impetus to get people to use the card more.

因此，換句話說，無論該類別的絕對數量是否增長，我們都致力於提供推動力，讓人們更多地使用該卡。

So I want, when you go to Starbucks's, when you to the movie theatre, when you park your car, when you go to the laundromat, when you take a taxi in New York, when you pay your utility bills or any one of a number of bills, I want you to use a Visa debit card and we will have advertising that is directed at doing that.

所以我想，當你去星巴克，當你去電影院，當你停車，當你去自助洗衣店，當你在紐約打車，當你支付水電費或任何一項賬單數量，我希望您使用 Visa 借記卡，我們將有針對這樣做的廣告。

That's not dissimilar to what we did a year ago when we had people running around in a circle and somebody throwing food in the air when an individual took out cash.

這與我們一年前所做的沒有什麼不同，當時我們讓人們圍著圈子跑來跑去，當有人拿出現金時有人向空中扔食物。

That was focused on telling people it is okay to be use a debit card for a small or medium size transaction, it is cool.

重點是告訴人們可以使用借記卡進行中小型交易，這很酷。

It is the thing to do.

這是要做的事情。

It isn't something that is odd.

這不是什麼奇怪的事情。

Okay.

好的。

That's how we are are going to direct our advertising.

這就是我們將如何指導我們的廣告。

Thank you.

謝謝你。

And just to clarify on the comments you made on the contra revenue, does your second half '09 net revenue guidance contemplate a deceleration or decline in contra revenue in addition to lower volume or is that something that could be an increment to the net revenue guidance?

並且只是為了澄清您對對沖收入的評論，您的 09 年下半年淨收入指導是否考慮了除銷量下降之外的對沖收入的減速或下降，或者這可能是對淨收入指導的增加?

It is inclusive.

它是包容性的。

So when we guided to the revenue levels in the second half, they were net revenue levels reflective of our associated projections of incentive.

因此，當我們指導下半年的收入水平時，它們是反映我們相關激勵預測的淨收入水平。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

The next question comes from Pat Burton, Citi.

下一個問題來自花旗的 Pat Burton。

You may ask your question.

你可以問你的問題。

Thank you.

謝謝你。

First a clarification, Joe.

首先澄清一下，喬。

Did you say the US payment for credit card was negative in October, it just had turned negative?

你是說10月份美國信用卡支付是負數，剛剛變成負數嗎？

Yes, I did.

是的，我做到了。

Okay.

好的。

That was a clarification.

這是一個澄清。

The second, the question actually is on the international transaction fee, the discussion there, I assume you are just seeing a lot of fall off in airline travel.

第二，問題實際上是關於國際交易費，那裡的討論，我想你只是看到航空旅行的很多下降。

Would that be a good leading indicator to look at in terms of just physical bodies that are traveling internationally or is there something else driving that number?

僅從國際旅行的身體角度來看，這是一個很好的領先指標，還是有其他因素推動了這個數字？

That's certainly a significant component, but traditionally there's always been a lot of cross border volume between Canada and the United States.

這當然是一個重要組成部分，但傳統上加拿大和美國之間的跨境交易量一直很大。

That's people in cars going back and forth not necessarily in airplanes.

那是人們在汽車上來回走動，不一定是在飛機上。

There has been a lot of cross border volume between Mexico and the United States.

墨西哥和美國之間的跨境交易量很大。

That may be coming from Tijuana into San Diego.

那可能是從蒂華納到聖地亞哥。

So it isn't all, it isn't by any stretch of the imagination all airplane travel.

因此，這還不是全部，也不是所有的飛機旅行。

Cross border activity in Asia given where the countries is not necessarily airplane travel, but it is a big component and it is an indicator.

亞洲的跨境活動不一定是飛機旅行，但它是一個重要組成部分，也是一個指標。

Is it falling globally or is it just falling as it relates to people traveling to the United States?

它是在全球範圍內下降，還是僅僅因為與前往美國的人有關而下降？

I think it is falling globally.

我認為它正在全球範圍內下降。

All of our guidance contemplates that.

我們所有的指導都考慮到了這一點。

Right now it's a troubled global economy and people are not traveling as much.

現在這是一個陷入困境的全球經濟，人們沒有那麼多旅行。

People are not coming to the United States as much as they did with the dollar strengthening.

人們來美國的次數不像美元走強時那樣多。

I mean there's, there's a number of things going on.

我的意思是，有很多事情正在發生。

I think it is going to take a little bit of time to get it sorted out.

我認為這需要一點時間來解決它。

And we are just putting out guidance that embraces an economy that's pretty undefinable at this particular point in time.

而且我們只是發布了包含在這個特定時間點非常無法定義的經濟的指導。

We don't want to overshoot anything.

我們不想過頭。

So, we are try to go be cautious and conservative in what we suggest.

因此，我們在建議時盡量保持謹慎和保守。

Thank you.

謝謝你。

Nice job on the cost side, guys.

伙計們，在成本方面做得很好。

Thank you.

謝謝你。

Next question comes from Chris Mammone, Deutsche bank.

下一個問題來自德意志銀行的 Chris Mammone。

You may ask your question.

你可以問你的問題。

Thanks.

謝謝。

I guess first just a couple of housekeeping questions on cross border.

我想首先只是幾個關於跨境的家政問題。

One, what was the growth in cross border last year and then, two, what is the break down in your cross board wither base between credit and debit?

一，去年跨境的增長是多少，二，你的跨境萎縮基礎在貸方和借方之間的細分是什麼？

We will have to, on the growth for last year, let me put it in this context.

關於去年的增長，我們必須把它放在這個背景下。

Cross border volume growth at the beginning of the fiscal year was running in the high 20s globally.

本財年初的跨境交易量增長在全球範圍內處於 20 年代的高位。

As we moved to the third quarter call, we indicated it moved down into the high teens.

當我們進入第三季度電話會議時，我們表示它已經下降到了十幾歲。

And then, now you have cross border volume on most recent snapshot now moderating into the high single digits.

然後，現在您在最近的快照上擁有跨境交易量，現在正在緩和到高個位數。

That gives you a one-year continuum and then cross border for us is primarily credit and roughly three-quarters credit, 25% debit.

這為您提供了一年的連續性，然後我們的跨境主要是信貸和大約四分之三的信貸，25% 的借方。

Okay.

好的。

Thanks.

謝謝。

Then I guess, Joe can you just update us with your thoughts on the possibility for interchange regulation in the US next year I guess particularly given the likelihood it will have sweeping legislation from Congress probably early '09.

那麼我猜，Joe，你能不能告訴我們你對明年美國交換監管可能性的看法，尤其是考慮到國會可能會在 09 年初通過全面立法的可能性。

We continue to remain optimistic that things are going well in that regard.

我們繼續保持樂觀，認為這方面進展順利。

That doesn't mean that there won't be some noise about it next year.

這並不意味著明年不會有一些噪音。

I can't speak for Congress and so I can't tell you when it is going to come up again.

我不能代表國會發言，所以我不能告訴你什麼時候會再次出現。

But I would think that it would be relatively benign until about the middle of next year.

但我認為在明年年中之前它會相對溫和。

Now, we have a very unique environment that we are operating in and I'm not sure when this will come up.

現在，我們有一個非常獨特的運營環境，我不確定什麼時候會出現。

I continue to believe that it is solvable within the framework of the litigation and that there's no need for legislation, and I think that we are going to work in that direction.

我仍然認為，在訴訟框架內是可以解決的，不需要立法，我認為我們將朝著這個方向努力。

Chris, this is Byron.

克里斯，這是拜倫。

Let me refine the answer now that we've had a chance to tabulate it.

既然我們有機會將其製成表格，讓我來完善答案。

On cross border, roughly a little over 60% credit, 25% debit, a little over 10% ATM cash.

在跨境，大約 60% 多一點的信用卡，25% 的借記卡，10% 多一點的 ATM 現金。

Okay.

好的。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

The next question comes from Dan Perlin, Wachovia.

下一個問題來自美聯銀行的 Dan Perlin。

You may ask your question.

你可以問你的問題。

Thanks.

謝謝。

It is just two parts.

它只是兩個部分。

One is with credit turning down in the US and debit volumes still sounding like they're running in the mid teens range, it sounds like it is falling exactly as it did during the last recession, and I am wondering if you can highlight a few attributes to your business today that are different from that last recession that gives you conviction to be able to maintain even a double digit overall growth rate?

一個是美國的信貸下降，借方數量聽起來仍然在十幾歲左右，聽起來就像上次經濟衰退期間一樣下降，我想知道你是否可以強調一些您今天的業務與上次經濟衰退有何不同，這使您確信能夠保持兩位數的整體增長率？

Well, I mean I think it is clear, that the debit card was in a different part of its evolution in the last recession.

好吧，我的意思是，我認為很明顯，借記卡在上次經濟衰退中處於其發展的不同部分。

We didn't have anywhere near the debit coverage and we continue to expand the merchant categories in which debit cards can be used and we continue to make information as it relates that available to consumers and they seem to embrace it and -- look within all of this guidance that we are giving you we are talking about things predicated on what we see out there in the economy but you can rest assured that in addition to that we are very, very focused on penetrating cash and checks to a greater degree than we have in the past and we will continue to do that.

我們沒有任何接近借記卡的覆蓋範圍，我們繼續擴大可以使用借記卡的商家類別，我們繼續提供與消費者可用的信息相關的信息，他們似乎接受了它，而且——看看所有在我們為您提供的本指南中，我們談論的是基於我們在經濟中看到的情況，但您可以放心，除此之外，我們非常非常專注於滲透現金和支票，其程度比我們更大過去有，我們將繼續這樣做。

I think that will be a little bit or somewhat of a counterbalance to what is going on in the economy and we are optimistic that that trend is likely to increase rather than decrease.

我認為這將在一定程度上抵消經濟中正在發生的事情，我們樂觀地認為這種趨勢可能會增加而不是減少。

I would elaborate by saying that because of the debit phenomena that Joe described, if you go back to the last recession period, the nondiscretionary component of US consumer spend on our Visa cards would have been about 30% and today, because of the debit penetration, it is 40, over 40% with debit cards themselves generating about 53, about 53% nondiscretionary mix of their total spend.

我會詳細說明，由於喬所描述的借記現象，如果你回到上一個經濟衰退時期，美國消費者在 Visa 卡上的非自由支配部分將約為 30%，而今天，由於借記卡的滲透率，它是 40，超過 40% 的借記卡本身產生了約 53，約 53% 的非自由組合的總支出。

Okay.

好的。

And then the second part of the question is in the last couple of -- when we go back and look at aggregate data in the last several recessions, one of the things that acted as a secular shift was just net new card issuance.

然後問題的第二部分是在最後幾次 - 當我們回顧過去幾次經濟衰退中的總體數據時，作為長期轉變的一件事就是淨新卡發行。

I understand the debit shift.

我理解借方轉移。

I am wondering what is going be, with net new card issuance certainly 50% of your business not going up next year in the US, what is ultimately going to be that secular shift that supports again that kind of double digit growth?

我想知道接下來會發生什麼，明年美國的淨新卡發行量肯定有 50% 不會增長，最終會是什麼長期轉變再次支持這種兩位數的增長？

First of all, we're talking about the double digit growth coming from debit product in this environment and I don't expect that to change in 2009.

首先，我們談論的是在這種環境下借記產品帶來的兩位數增長，我預計 2009 年這種情況不會改變。

We have also talked about international.

我們也談到了國際。

We talked about the fact that that is continuing to grow at robust rates and frankly most of that is credit card business.

我們談到了這樣一個事實，即它繼續以強勁的速度增長，坦率地說，其中大部分是信用卡業務。

It is not that we don't have the debit penetration outside the United States that we do inside the United States.

並不是說我們在美國以外沒有在美國境內進行的借方滲透。

That's an opportunity we talked about quite frequently on the IPO road trip, what we call filling out the cube, if you will, taking technology that has worked for us and business practices that have worked for us in the United States and moving them into other parts of the world.

這是我們在 IPO 公路旅行中經常談到的一個機會，我們稱之為填充立方體，如果你願意的話，採用對我們有用的技術和在美國對我們有用的商業實踐，並將它們轉移到其他地方世界部分地區。

I think that what I just tacked about in our relationship with HSBC is an example of moving debit cards into other regions, but the answer is we are growing outside the United States particularly in credit volume.

我認為我剛剛在與匯豐銀行的關係中所強調的是將藉記卡轉移到其他地區的一個例子，但答案是我們在美國以外的地區正在增長，尤其是在信貸量方面。

We have an opportunity to grow debit volume outside the United States and we have an opportunity to grow debit volume within the United States and I would assume that at some point in time the credit volume is going stabilize.

我們有機會增加美國以外的借方數量，也有機會增加美國境內的借方數量，我認為在某個時間點信貸量會趨於穩定。

Excellent.

出色的。

Thank you.

謝謝你。

Next question comes from Greg Smith, Merrill Lynch.

下一個問題來自美林證券的 Greg Smith。

You may ask your question.

你可以問你的問題。

Yes.

是的。

Hi, guys.

嗨，大家好。

What kind of foreign currency impact do you expect on foreign revenues in '09?

您預計 09 年的外匯收入會受到什麼樣的外匯影響？

So let me, this is Byron.

所以讓我說，這是拜倫。

Let me give you a preset.

讓我給你一個預設。

If we look back on the year just completed, 2008, we projected about 2 percentage points of our revenue growth came from FX movements, tailwind so to speak.

如果我們回顧剛剛結束的 2008 年，我們預計大約 2 個百分點的收入增長來自外匯走勢，可以說是順風。

As we look to 2009, recognizing that there has been some significant volatility and we are not in a position to fully predict how it will play out, but on the revenue growth side, that tailwind will turn into a headwind and we are looking at low single digit revenue growth impacts in the coming year 2009 and even smaller impact but still negative on the earnings growth impacts since (inaudible) to get your ultimate impact on the P&L.

當我們展望 2009 年時，我們認識到出現了一些顯著的波動，我們無法完全預測它將如何發展，但在收入增長方面，順風將變成逆風，我們正在尋找低對來年 2009 年的收入增長影響為個位數，甚至更小，但對收益增長的影響仍然是負面的（聽不清），從而對損益產生最終影響。

Okay.

好的。

Then this buy back you would like to do, the $1.1 billion.

那麼這個你想做的回購，11億美元。

How will that be priced?

那將如何定價？

Is it just going to be literally be based off the current stock price at some pine in time or is there some liquidity discount that might benefit you?

它是否只是基於某個松樹的當前股價，還是有一些流動性折扣可能使您受益？

I would say stay tuned for that, but it is a market-based price and then we will evaluate at that time whether and what level of discount would be appropriate.

我會說請繼續關注，但這是一個基於市場的價格，然後我們將在那時評估是否以及什麼水平的折扣是合適的。

Okay.

好的。

Hopefully big.

希望大。

Thanks.

謝謝。

Your next question comes from Sanjay Sakhrani, KBW.

您的下一個問題來自 KBW 的 Sanjay Sakhrani。

You may ask your question.

你可以問你的問題。

Thank you.

謝謝你。

I appreciate all of the color on the updated targets but I wanted to make sure I got it all.

我很欣賞更新後的目標上的所有顏色，但我想確保我得到了這一切。

Byron, can you just rehash the stress case on payment volume and cross border volume to arrive at the low end of that 11% to 15% and then maybe you could also stress the top line to get to that 20% EPS growth?

拜倫，您能否重新討論支付量和跨境交易量的壓力情況，以達到 11% 至 15% 的低端，然後也許您還可以強調營收以實現 20% 的每股收益增長？

With regards to the guidance that we gave what we said was that we felt very confident delivering our margins and our earnings growth if the cross border volumes rent as low as what?

關於我們給出的指導，我們所說的是，如果跨境交易量低至什麼水平，我們對實現利潤率和盈利增長感到非常有信心？

So the extent that that constitutes a stress case, that's what we mean by that.

所以構成壓力情況的程度，這就是我們的意思。

And could you repeat the second part of your question?

你能重複你問題的第二部分嗎？

No, I just wanted to make sure I understood the lowest payment volume could go and cross border could go and then subsequently how low could the top line go to get to the 20%?

不，我只是想確保我了解最低的支付量可以去和跨境可以去，然後頂線能降到多低才能達到 20%？

That we did not specifically comment on.

我們沒有具體評論。

We took, we have clearly assessed the environment the best we can ahead and we are very focused.

我們採取了，我們已經清楚地評估了我們能做到的最好的環境，我們非常專注。

The environment has a lot to do with revenue.

環境與收入有很大關係。

We are very focused with regards to delivering our margins and delivering the net income growth and EPS growth that we have committed and so management stands ready to take a variety of steps in order to protect the commitment of earnings and EPS growth.

我們非常專注於實現我們的利潤率並實現我們承諾的淨收入增長和每股收益增長，因此管理層隨時準備採取各種措施來保護收益和每股收益增長的承諾。

Okay.

好的。

Because I thought you mentioned like the payment volume in the second quarter should come at the midpoint or the fiscal second quarter at the midpoint of the range.

因為我認為您提到第二季度的支付量應該在該範圍的中點或第二財季的中點。

The second two quarters.

後兩節。

Yes.

是的。

I think you are confusing something.

我認為你混淆了一些東西。

When we, what we were we referring to was net revenue growth.

當我們，我們指的是淨收入增長。

What we said in the first fiscal quarter is that expect net revenue growth to come in at the upper end of our guidance range.

我們在第一財季所說的是，預計淨收入增長將達到我們指導範圍的上限。

What Joe said about the second quarter, second fiscal quarter, is that we expect to come in in the mid range of our guidance and that the second half of the year, Q3 and 4, could potentially find single digit revenue growth in one or both of those quarters and that collectively that would be consistent with coming in at the lower end of our guidance range on a full-year basis.

喬關於第二季度第二財季的說法是，我們預計將進入我們指導的中間範圍，並且今年下半年，第三季度和第四季度，可能會在一個或兩個方面實現個位數的收入增長這些季度的總和與全年處於我們指導範圍的下限一致。

Okay, okay.

好吧好吧。

Great.

偉大的。

Thank you.

謝謝你。

And Joe maybe one question.

喬也許是一個問題。

I want to add one thing, I did, I did say that if you are asking for the stressed case.

我想補充一件事，我做了，我確實說過，如果你要的是強調的情況。

I did say that even in a down side scenario that saw only mid to high single digit revenue growth in 2010 we can sustain our EPS and our operating.

我確實說過，即使在 2010 年收入只有中高個位數增長的不利情況下，我們也可以維持我們的每股收益和運營。

Okay.

好的。

And that applies to 2009 as well?

這也適用於 2009 年？

Oh yes.

哦是的。

Okay.

好的。

Got it.

知道了。

Joe, maybe one thing on integration, where are we with extracting kind of revenue and expense synergies from the consolidation of all the various regions?

喬，也許是關於整合的一件事，我們在哪裡可以從所有不同地區的整合中提取某種收入和支出協同效應？

Thanks.

謝謝。

Where are we?

我們在哪？

I mean I think it is, I think to get to a point where you wake up and think everything is going pretty well.

我的意思是，我認為它是，我認為達到一個地步，你醒來並認為一切進展順利。

It is about a three-year process.

這是一個大約三年的過程。

I think we are probably further along than that kind of benchmark might suggest but we are moving there and I think you can expect to see improvement in our expenses over the course of the year as we suggested.

我認為我們可能比那種基準可能暗示的要走得更遠，但我們正在向那裡移動，我認為您可以期望看到我們在一年中的支出有所改善，正如我們所建議的那樣。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Jose, at this point we have time for one more question.

何塞，在這一點上，我們有時間再問一個問題。

And for the last question, Bruce Harting, Barclays.

最後一個問題，Barclays 的 Bruce Harting。

You may ask your question.

你可以問你的問題。

Rest of world credit percentage growth in constant dollars stayed reasonably flat quarter-over-quarter while US continued to fall at a fairly rapid rate and you said through October actually turned credit turned negative.

世界其他地區以不變美元計算的信貸百分比增長保持在相當穩定的季度環比，而美國繼續以相當快的速度下降，你說到 10 月份實際上信貸轉為負數。

As you look forward to the balance or into 2009 and early '10, is it conceivable in terms of your saying that given the quarterly progression where you are saying middle of the range and second quarter lower end of the range and second half next year that rest of world credit and debit stays reasonably flat or are they just really lagging the US in terms of the slowdown?

當您期待平衡或進入 2009 年和 10 年初時，就您所說的季度進展而言，您說的是范圍的中間和第二季度範圍的下限以及明年下半年，這是否可以想像？世界其他地區的信貸和借方保持相當平穩，還是在放緩方面真的落後於美國？

Then just how low has, could US get in terms of credit growth from previous downturns?

那麼，就信貸增長而言，美國能從之前的低迷中獲得多低呢？

Thanks.

謝謝。

This is Byron.

這是拜倫。

Let me start by saying the growth rates we gave you for rest of world payment volume growth were nominal not constant.

首先讓我說我們為您提供的世界其他地區支付量增長的增長率名義上不是恆定的。

We recorded 25% payment volume growth nominal in the fourth quarter.

我們在第四季度錄得 25% 的支付量名義增長。

And so what we have indicated is that those have moderated down and that has been factored into the guidance that we have given and I think Joe's answer to the last question, which outlined our stress case as someone described it is, is how we are trying to be helpful on this subject.

因此，我們所表明的是，那些已經緩和了，這已被納入我們提供的指導中，我認為喬對最後一個問題的回答，正如某人所描述的那樣概述了我們的壓力情況，這就是我們正在嘗試的方式在這個問題上有所幫助。

US credit has turned negative, but given but just and that has happened very few times in our history even during recession.

美國信貸已經轉為負數，但這是合理的，而且在我們的歷史上，即使在經濟衰退期間，這種情況也很少發生。

So, we have, we tried to be helpful without guiding to very specific assumption with regards to payment volume by line item.

所以，我們有，我們試圖提供幫助，但沒有指導關於按項目支付量的非常具體的假設。

We have tried to be helpful by saying where we are positioning our revenue growth in each of our quarters, how we expect that, how we expect to end the year and then how we expect to map that into our earnings growth.

我們試圖通過說明我們在每個季度的收入增長定位，我們如何預期，我們如何預期年底以及我們如何將其映射到我們的盈利增長來提供幫助。

Okay.

好的。

Thank you, all, very much.

謝謝大家，非常感謝。

If anyone has any follow up questions, please feel free to call investor relations.

如果有人有任何後續問題，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。

The call has concluded.

通話已結束。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。