Visa Inc (V) 2009 Q2 法說會逐字稿

Welcome to Visa Incorporation fiscal second quarter 2009 earnings conference call.

歡迎參加 Visa Incorporation 2009 財年第二季度財報電話會議。

(Operator Instructions).

（操作員說明）。

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 now like to turn the conference over to your host, Mr.

我現在想把會議交給你的主持人，先生。

Jack Carsky, Head of Investor Global Relations.

Jack Carsky，投資者全球關係主管。

Mr.

先生。

Carsky you may begin.

Carsky 你可以開始了。

Thanks Jose.

謝謝何塞。

Good afternoon and welcome to Visa Inc.'s fiscal second quarter 2009 earnings conference call.

下午好，歡迎參加 Visa Inc. 的 2009 財年第二季度財報電話會議。

With us today's are Joe Saunders, Visa's Chair and Chief Executive Officer and Byron Pollitt, Chief Financial Officer.

今天與我們在一起的是 Visa 主席兼首席執行官 Joe Saunders 和首席財務官 Byron Pollitt。

This is currently being web cast live over the internet.

目前正在通過互聯網進行網絡直播。

It can accessed on the Investor Relations section of our website at www.investor.visa.com.

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

A replay of the web cast will be archived on our site for 30 days.

網絡廣播的重播將在我們的網站上存檔 30 天。

A power point deck containing highlights of today's commentary is posted to our Web site, prior to this call..

在這次電話會議之前，我們的網站上發布了一個包含今天評論要點的簡報。

Let me also remind you that this presentation may include forward-looking statements, within the meaning of the private securities litigation reform act of 1995.

我還要提醒您，本演示文稿可能包括前瞻性陳述，符合 1995 年《私人證券訴訟改革法案》的含義。

By their nature, forward-looking statements are not guarantees of future performance.

就其性質而言，前瞻性陳述並非對未來業績的保證。

And as a result of a variety of factors, actual results could differ materially from such statements.

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 these factors is available on the Company's filings with the SEC, and can be accessed who the SEC's Web site, or the investor relations section of the Visa web site.

有關這些因素的更多信息可在公司向美國證券交易委員會提交的文件中獲得，並可訪問美國證券交易委員會網站或 Visa 網站的投資者關係部分。

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

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

This release can be accessed through the IR section of our web site.

可以通過我們網站的 IR 部分訪問此版本。

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

有了這個，我會把電話轉給喬。

Thanks Jack and thanks to all of you for joining us this afternoon.

謝謝杰克，也感謝大家今天下午加入我們。

To begin with, I am very pleased to report that our fiscal second quarter results were consistent with the guidance and expectations we provided, in our last quarter's earnings call.

首先，我很高興地報告，我們的第二財季業績與我們在上一季度財報電話會議中提供的指導和預期一致。

Despite the challenging global economy, Visa delivered strong operational and financial performance, benefiting from its diverse product set, our intense focus on expense management, and the underlying world wide secular shift from cash and checks to electronic forms of payment, which continues unabated.

儘管全球經濟充滿挑戰，Visa 仍實現了強勁的運營和財務業績，這得益於其多樣化的產品組合、我們對費用管理的高度關注，以及全球範圍內從現金和支票到電子支付方式的長期轉變，這種轉變持續有增無減。

Our operating net revenues in the second quarter were over $1.6 billion.

我們第二季度的營業淨收入超過 16 億美元。

An increase of 13% over the year-ago period, and right in line with our guidance this quarter..

比去年同期增長 13%，完全符合我們本季度的預期。

Our adjusted operating margin of 55%, which benefited from our ongoing efficiency drive, was solid as well and exceeded our stated full-year guidance of the mid-to-high 40% range.

得益於我們持續的效率驅動，我們調整後的營業利潤率為 55%，也很穩健，超過了我們規定的中高 40% 範圍的全年指導。

Finally, an adjusted second quarter net income of $553 million, was 38% greater than the year-ago period..

最後，調整後的第二季度淨收入為 5.53 億美元，比去年同期增長 38%。

Looking forward from a macro standpoint, the world economy continues to slow and while Visa is resilient it is not immune.

從宏觀的角度來看，世界經濟繼續放緩，儘管 Visa 具有韌性，但也不能倖免。

Aggregate payment volume growth in our international regions in the December quarter were a positive mid -- double digit rate and preliminary volume trends through march suggest only a modest decline since then.

12 月季度我們國際地區的總支付量增長是正的中位數 - 兩位數的增長率，截至 3 月的初步交易量趨勢表明自那時以來僅略有下降。

This of course will be reflected in our fiscal third quarter service revenues but there continues to be regional bright spots around the globe where the trend are holding up even more substantially.

這當然將反映在我們第三財季的服務收入中，但全球仍有一些區域亮點，其趨勢更為顯著。

In the U.S.

在美國。

specifically, payment volume growth declined to an approximately 1% negative rate in the December quarter, and we saw little change through the March quarter.

具體而言，支付量增長在 12 月季度下降至約 1% 的負增長率，而整個 3 月季度幾乎沒有變化。

We are encouraged that in aggregate, over the five-month period through April, we have seen some stabilization in the U.S.

我們感到鼓舞的是，總體而言，在截至 4 月的五個月期間，我們看到美國經濟有所企穩。

payment volume trend.

支付量趨勢。

Of course, the more than 30% rate of decline in the year-over-year price of gasoline has resulted in difficult year-over-year comparables which will continue for the next few months before finally abating as we move into fiscal 2010.

當然，汽油價格同比下降超過 30% 導致難以進行同比比較，這種情況將在接下來的幾個月中持續下去，然後隨著我們進入 2010 財年而最終減弱。

And importantly all of the results we achieved to date are in spite of foreign currency head winds which we also expect to abate by the beginning of fiscal 2010..

重要的是，我們迄今為止取得的所有成果都不受外匯逆風的影響，我們也預計到 2010 財年開始時這種逆風會減弱。

The underlying resilience of our business was evident in the contribution of debit products in the U.S.

我們業務的潛在彈性在美國借記產品的貢獻中顯而易見。

which Visa pioneered in the mid 1990s.

Visa 在 1990 年代中期率先推出。

Debit in the US posted growth in each month of the March quarter as well as through the month of April.

美國的借記卡在 3 月季度的每個月以及整個 4 月都出現增長。

The continued strength of debit is attributable in part to that product's strong correlation with nondiscretionary spend categories which are holding up relatively well in the face of a tough economy..

借方的持續強勁部分歸因於該產品與非自由支配支出類別的強相關性，這些類別在經濟不景氣的情況下保持相對較好。

In fact, in the quarter ending December, for the first time in Visa's history, U.S.

事實上，在截至 12 月的季度中，在 Visa 的歷史上，美國首次

debit payment volumes eclipsed that of credit.

借方支付量超過了貸方。

An important milestone in the history of our business, and a testament to the diversity of our product.

這是我們業務歷史上的一個重要里程碑，也是我們產品多樣性的證明。

Process transaction growth was resilient as well, posting gains of 6% through the end of March, with even better performance through the end -- or through this point in the month of April..

流程交易增長也具有彈性，到 3 月底增長了 6%，到年底甚至到 4 月份的這一點表現更好。

Before touching on our near-term outlook let me underscore several important themes that I think you should take away from this call.

在談到我們的近期前景之前，讓我強調幾個重要的主題，我認為你應該從這次電話會議中拿走。

Our financial performance in fiscal 2009 is unfolding consistent with our expectations and guidance and reflects appropriate funding of all of our growth initiatives.

我們在 2009 財年的財務表現與我們的預期和指導一致，反映了我們所有增長計劃的適當資金。

Our business model has proven resilient in the face of today's economic challenges.

事實證明，面對當今的經濟挑戰，我們的商業模式具有彈性。

Transaction growth led by debit has continued unabated in part driven by the secular shift from cash and checks to electronic forms of payment.

借記卡帶動的交易增長持續有增無減，部分原因是從現金和支票向電子支付方式的長期轉變。

This global shift in spending behavior is also being driven by Visa through product innovation, expansion of payment categories and focused global advertising that moves consumers to want to transact at the point of sale with Visa products.

Visa 還通過產品創新、支付類別的擴展和有針對性的全球廣告推動了這種全球消費行為的轉變，這些廣告促使消費者希望在銷售點使用 Visa 產品進行交易。

With the global economy having some impact on revenue growth, Visa's management teamed remains focused on delivering the margins and the adjusted earnings per share growth outline during our IPO road show.

由於全球經濟對收入增長產生了一些影響，Visa 的管理層仍然專注於在我們的 IPO 路演期間提供利潤率和調整後的每股收益增長大綱。

We have therefore accelerated merger related cost efficiencies which have fully offset shortfalls in revenue growth.

因此，我們加快了與合併相關的成本效率，這完全抵消了收入增長的不足。

In the near term, the continuing challenge in cross border payments, payment volumes, foreign exchange and gas price headwinds and lap in price increases will have a negative effect on the back half of our fiscal year.

在短期內，跨境支付、支付量、外彙和天然氣價格逆風以及價格上漲的持續挑戰將對我們財政年度的後半段產生負面影響。

For this reason, we still expect low single digit revenue growth in our fiscal third quarter, although the fourth quarter should now be slightly higher, based on several factors, including planned strategic pricing action, recently announced.

出於這個原因，我們仍然預計我們第三財季的收入增長將保持低個位數，儘管基於最近宣布的計劃戰略定價行動等幾個因素，第四季度現在應該會略高。

With this in mind, we are confident in achieving the high single-digit revenue range for all of fiscal 2009..

考慮到這一點，我們有信心在 2009 財年實現高個位數的收入範圍。

With the anticipated contribution from expense savings, we are on target to meet our 2009 diluted earnings per share growth guidance of greater than 20%.

憑藉節省開支的預期貢獻，我們有望實現 2009 年攤薄後每股收益增長超過 20% 的目標。

Given the fiscal year-to-date results in our adjusted operating margin, we are taking the full-year 2009 guidance up modestly from the current mid-to-high 40% range to the low 50s range.

鑑於我們調整後的營業利潤率的本財年迄今為止的結果，我們將 2009 年全年指導從目前的中高 40% 範圍適度提高到 50 年代的低範圍。

Additionally, we are taking the 2010 adjusted operating margin to the high 40% to low 50% range.

此外，我們將 2010 年調整後的營業利潤率提升至 40% 至 50% 的低位。

Byron will touch on this further in a moment.

稍後拜倫將進一步談到這一點。

Looking ahead to fiscal 2010 we're not changing the outlook we shared with you last quarter.

展望 2010 財年，我們不會改變上個季度與您分享的前景。

We continue to be cautiously optimistic that we can regain our 11% to 15% revenue growth target.

我們繼續對能夠重新獲得 11% 至 15% 的收入增長目標持謹慎樂觀的態度。

Assuming some recovery in the U.S.

假設美國有所復甦

economy, and cross border volumes by early 2010 and we expected more favorable year-over-year gas prices and foreign currency exchange rates.

到 2010 年初的經濟和跨境交易量，我們預計汽油價格和外幣匯率將比去年同期更有利。

And we expect to achieve our earnings per share and adjusted operating margin targets, even if revenue growth is somewhat below our guidance range..

即使收入增長略低於我們的指導範圍，我們也希望實現每股收益和調整後的營業利潤率目標。

And finally, we continue to focus on client service, given the historic times in the banking sector and borderer economy.

最後，鑑於銀行業和邊境經濟的歷史性時期，我們將繼續專注於客戶服務。

Consultations in the banking industry may continue, and Visa expects to be the beneficiary of this activity.

銀行業的磋商可能會繼續進行，Visa 預計將成為這一活動的受益者。

We will do so by remaining committed to providing our clients with the products and programs that move their businesses forward, and add value to their customers.

為此，我們將繼續致力於為我們的客戶提供產品和計劃，推動他們的業務向前發展，並為他們的客戶增加價值。

Debit and our prepaid platform as well as money transfer and new technologies for payment at the point of sale will continue to differentiate Visa from the rest of the payments industry.

借記卡和我們的預付平台以及匯款和銷售點支付新技術將繼續使 Visa 與其他支付行業區分開來。

With that, let me turn the call over to Byron, who will take you through the financial results and our current thinking on financial guidance.

有了這個，讓我把電話轉給拜倫，他將帶你了解財務結果和我們目前對財務指導的看法。

Thank you, Joe.

謝謝你，喬。

As is now our custom, let me begin with the financial highlights of our fiscal second quarter.

按照我們現在的慣例，讓我從我們第二財季的財務亮點開始。

And then I will touch on trends we're seeing for the quarter ending in March as well as some early results for April.

然後我將談到我們在 3 月結束的季度看到的趨勢以及 4 月的一些早期結果。

As Joe mentioned, it was a solid fiscal second quarter, with strong revenue, and earnings growth.

正如喬所說，這是一個穩健的第二財季，收入和盈利增長強勁。

Remembering that service revenues which represent 41% of our gross revenue, are reported on a one-quarter lag.

請記住，服務收入占我們總收入的 41%，報告滯後四分之一。

Total payment volume growth for Visa Inc.

Visa Inc. 的總支付量增長

through the end of December, 20, 2008, in nominal dollars was a negative 1%, falling to $675 billion over the same quarter, in 2007.

截至 2008 年 12 月 20 日，名義美元為負 1%，與 2007 年同期相比下降至 6750 億美元。

In the U.S.

在美國。

debit delivered a solid 6% growth while credit was a negative 7%.

借方實現了 6% 的穩健增長，而貸方則為負 7%。

And in the December quarter, for the first time in our history, U.S.

在 12 月季度，美國歷史上第一次

debit payment volume eclipsed that of credit volume although credit still remains the payment vehicle of choice, internationally.

借方支付量超過了信貸量，儘管信貸仍然是國際上首選的支付工具。

On a constant dollar basis, rest of world payment volume grew at 14%, moderating from the 22% growth exhibited in the September quarter but still solidly positive.

按固定美元計算，世界其他地區的支付量增長了 14%，低於 9 月季度的 22% 增長，但仍保持穩健。

A further recognition of the secular resiliency of plastic in many emerging and developing economies.

進一步認識到塑料在許多新興和發展中經濟體的長期彈性。

As a reminder, cross border volume growth in the December ending quarter slowed to zero on a constant dollar basis, down from low double digits in the prior period.

提醒一下，12 月底季度的跨境交易量增長放緩至零，以不變美元計算，低於上一期間的低兩位數。

The slowdown was broad-based.

放緩是廣泛的。

Through the end of March, it continued its decline and ended the period at a negative 6% constant dollar growth rate..

到 3 月底，它繼續下跌，並以 6% 的負固定美元增長率結束了這一時期。

Excluding Visa Europe, globally, total cards outstanding for the period ending December, grew 8% with over 1.7 billion cards carrying the Visa brand.

不包括 Visa Europe，截至 12 月期間，全球未償還信用卡總數增長 8%，超過 17 億張帶有 Visa 品牌的信用卡。

Credit cards grew 2% to 813 million cards, while debit rose 14% to 905 million cards.

信用卡增長 2% 至 8.13 億張，而藉記卡增長 14% 至 9.05 億張。

Debit card growth primely in the United States was positively affected by prepaid gift card programs that are obviously very popular around the December holiday.

美國的借記卡增長主要受到預付禮品卡計劃的積極影響，這些計劃在 12 月假期期間顯然非常受歡迎。

International card growth of 13%, remains very healthy as well.

國際卡增長 13%，仍然非常健康。

Overall, credit card growth in the U.S.

總體而言，美國的信用卡增長

has slowed as a result of retrenchment in credit card marketing programs, but this slowdown is being more than offset, by gains internationally..

由於信用卡營銷計劃的緊縮而放緩，但這種放緩被國際收益所抵消。

Transactions processed over the Visa network which are reported on a real time basis ,totaled $9.4 billion in the fiscal second quarter an increase of 6% over the similar period, a year ago.

通過實時報告的 Visa 網絡處理的交易在第二財季總計 94 億美元，比去年同期增長 6%。

It is important to reiterate a point that we made last quarter, and Joe touched on earlier.

重申我們上個季度提出的一點很重要，Joe 早些時候談到了這一點。

While payment volume and average ticket sizes have continued to moderate, our process transactions which represent approximately 28% of our gross revenue continue to post solid growth as the underlying secular shift to electronic payments and more precisely to Visa continues.

雖然支付量和平均門票規模繼續放緩，但隨著潛在的長期轉向電子支付，更確切地說是向 Visa 的持續轉變，占我們總收入約 28% 的流程交易繼續保持穩健增長。

Turning to the income statement.

轉向損益表。

In the second quarter, gross revenues of $1.9 billion were up 8% from a similar period in 2008.

第二季度，總收入為 19 億美元，比 2008 年同期增長 8%。

Volume and support sensitives decreased by $43 million to $295 million, representing 15% of gross revenue, in line with our full-year expectation in the range of 14% to 16% of gross revenue.

銷量和支持敏感度下降了 4300 萬美元至 2.95 億美元，佔總收入的 15%，符合我們全年預計佔總收入 14% 至 16% 的範圍。

As you know, volume and support sensitives are recognized based on current quarter results.

如您所知，數量和支持敏感度是根據當前季度的結果來識別的。

The year-over-year decline, was the result of lower, 2009, fiscal second quarter payment volume growth, as well as the effect of a one time $70 million nonrecurring charge, in last year's quarter, Partially offset by new contractual adjustments in the current quarter.

同比下降的原因是 2009 財年第二季度支付量增長較低，以及去年第四季度一次性 7000 萬美元的非經常性費用的影響，部分被新的合同調整所抵消本季度。

Net operating revenues were just over $1.6 billion, a 13% increase over the operating revenues reported for the second fiscal quarter of 2008, and right in line with the guidance we gave last quarter.

淨營業收入剛剛超過 16 億美元，比 2008 年第二財季報告的營業收入增長 13%，與我們上一季度給出的指導一致。

Moving to the individual revenue line item, service revenue was $804 million up 2% over the prior year period.

轉向個人收入項目，服務收入為 8.04 億美元，比去年同期增長 2%。

And reflective of moderating year-over-year payment volumes in all regions, for the quarter ending December 31.

並且反映了截至 12 月 31 日的季度所有地區的同比支付量有所放緩。

That data processing revenue reported on a current quarter basis was $534 million, up 10% over the prior year, as processed transaction growth remained solid.

本季度報告的數據處理收入為 5.34 億美元，比上年增長 10%，因為處理的交易增長保持穩健。

Data processing revenue reported on a current quarter basis was $544 million, up 10% over the prior year, as processed transaction growth remained solid.

本季度報告的數據處理收入為 5.44 億美元，比上年增長 10%，因為處理的交易增長保持穩健。

International transaction revenues, also reported on a current quarter basis, were up 18% to $446 million as moderating cross border volumes in the period were off set by competitive pricing modifications enacted in the fiscal third quarter of 2008.

國際交易收入也按本季度報告，增長 18% 至 4.46 億美元，因為該期間跨境交易量放緩被 2008 財年第三季度實施的具有競爭力的定價修改所抵消。

Our adjusted operating margin, was approximately 55%.

我們調整後的營業利潤率約為 55%。

above our stated mid-to-high 40% guidance, as Joe mentioned.

正如喬所說，高於我們規定的中高 40% 的指導。

The increase in margin was due to lower volume and support incentives which are recognized in the current quarter, as well as certain expenses shifting from our second fiscal quarter into the back half of the year.

利潤率的增加是由於本季度確認的數量減少和支持激勵措施，以及從我們的第二財季轉移到今年下半年的某些費用。

I will provide additional color on our future margin expectations in a moment..

我稍後會為我們未來的利潤率預期提供更多顏色。

On an adjusted basis, operating expenses for the second quarter declined $38 million or 5% year-over-year.

經調整後，第二季度的運營費用同比下降 3800 萬美元或 5%。

Driven by lower costs across the board with the exception of network and EDP.

除網絡和 EDP 外，受全線成本降低的推動。

Our focus on expense reduction is broad-based and is driven by merger-related efficiencies.

我們對降低開支的關注範圍廣泛，並受到與合併相關的效率的推動。

All of our long-term product investments are being prudently funded.

我們所有的長期產品投資都得到了審慎的資金支持。

While some expenses will increase in the back half of the year, such as marketing, these were anticipated and are fully consistent with our guidance.

雖然今年下半年一些費用會增加，例如營銷費用，但這些費用是可以預料的，並且與我們的指導完全一致。

Capital expenditures were $68 million in the quarter, approximately $33 million of which were dedicated to the build-out of our new data center.

本季度的資本支出為 6800 萬美元，其中約 3300 萬美元用於建設我們的新數據中心。

The center was partially brought on line in March and will be fully operational by the end of our fiscal fourth quarter.

該中心於 3 月部分上線，並將在我們的第四財季末全面投入運營。

We anticipate the associated depreciation and amortization costs in the second half of the year to be about $12 million.

我們預計下半年的相關折舊和攤銷成本約為 1200 萬美元。

Moving on to the balance sheet.

轉到資產負債表。

We ended the second quarter in excellent shape, with very little debt, and cash, cash equivalents, investments and restricted cash of $5.8 billion.

我們在第二季度結束時狀況良好，債務很少，現金、現金等價物、投資和受限現金為 58 億美元。

Of this total, $2.1 billion is restricted cash, which represents amounts sufficient to fully pay out the American Express and Discover settlements.

其中，21 億美元是受限現金，足以支付美國運通和 Discover 的和解金。

We also recently announced our intent to unlock up to 30% of the outstanding class C share holdings, which will help alleviate some of the share overhang as we approach the ultimate unlock date of March 25th, 2011.

我們最近還宣布，我們打算解鎖高達 30% 的流通 C 類股票，這將有助於在我們接近 2011 年 3 月 25 日的最終解鎖日期時緩解部分股票過剩。

Conversion and sale of these shares will increase our public float but will have no diluted impact on our shares outstanding.

這些股份的轉換和出售將增加我們的公眾持股量，但不會對我們的流通股產生攤薄影響。

As mentioned in our press release, we will shortly be filing a shelf registration, that will allow us the flexibility to quickly access the capital markets, with either equity, or debt instruments.

正如我們在新聞稿中提到的，我們將很快提交貨架註冊，這將使我們能夠靈活地通過股權或債務工具快速進入資本市場。

The proceeds of any future transaction could be used for a variety of reasons, but at this point in time, we have no plans or reasons to go to market.

任何未來交易的收益都可以用於多種原因，但目前，我們沒有進入市場的計劃或理由。

This action is nothing more than pro active capital structure planning.

這一行動無非是積極的資本結構規劃。

Now let me comment on the trends we are seeing that will impact our results in the coming quarter, and fiscal 2009.

現在讓我評論一下我們所看到的趨勢，這些趨勢將影響我們下一季度和 2009 財年的業績。

As we said last quarter, we expect the back half of 2009 to be more challenging from a revenue standpoint.

正如我們上個季度所說，從收入的角度來看，我們預計 2009 年下半年將更具挑戰性。

And this continues to be our view.

這仍然是我們的觀點。

Specifically, here in the U.S,.

具體來說，在美國，。

payment volume growth has declined from a negative 1% growth rate, in the December quarter, to a negative 2% growth in the March quarter..

支付量增長已從 12 月季度的 1% 負增長率下降到 3 月季度的 2% 負增長。

Further credit volume growth ended the period at a negative 10%, while Debit volume growth continued in positive territory posting a 5% gain.

進一步的信貸量增長結束了這一時期的負 10%，而藉方量繼續在正區域增長，增長了 5%。

Deconstructing this further, credit volume growth ended the period at a negative 10%, while debit volume growth continued in positive territory posting a 5% gain.

進一步解構這一點，該期間信貸量增長為負 10%，而藉方量繼續在正區域增長，增長 5%。

More recently through the 28th of April, aggregate US payment volume growth has trended back to a negative 1% growth rate.

最近到 4 月 28 日，美國的總支付量增長趨勢已回到 1% 的負增長率。

Credit growth continues at a negative 10%.

信貸增長繼續負10%。

while debit growth has regained some momentum, rising from a positive 5%, in the March period, to a positive 7% April month-to-date.

而藉方增長已恢復一些動力，從 3 月份的正 5% 上升到 4 月份至今的正 7%。

Regardless of the potential impacts of an Easter shift, these growth rates -- these growth trends are encouraging, and consistent, with performance we have seen over the past four months.

不管復活節轉變的潛在影響如何，這些增長率——這些增長趨勢是令人鼓舞的，並且與我們在過去四個月中看到的表現一致。

As further perspective, certain categories of spend, like gasoline, airline, and lodging, continue to be challenged especially as they relate to credit volume.

從進一步的角度來看，某些類別的支出，如汽油、航空公司和住宿，繼續受到挑戰，特別是因為它們與信貸量有關。

On the other hand, recurring bill pay, quick service restaurants, health care, and supermarkets, continue to grow very nicely.

另一方面，經常性賬單支付、快餐店、醫療保健和超市繼續保持良好增長。

And these categories tend to favor debit over credit, even more so in this environment, which is the foundation of some of the resilience of that product.

而且這些類別傾向於借記而不是貸記，在這種環境下更是如此，這是該產品某些彈性的基礎。

On balance, as Joe mentioned earlier, over the past several months, we are seeing in aggregate, some stabilization in the U.S.

總的來說，正如喬之前提到的，在過去的幾個月裡，我們總體上看到美國的情況有所穩定。

payment volume growth trend.

支付量增長趨勢。

Having said that, we do not know for certain whether we're seeing an inflection point.

話雖如此，我們不確定是否看到了拐點。

Outside the U.S.

美國以外

for the quarter ending March 2009, we expect constant dollar payment volume growth rates to be solidly positive, but to decline modestly from their levels, at the end of December.

對於截至 2009 年 3 月的季度，我們預計固定美元支付量增長率將穩健地為正，但會從 12 月底的水平小幅下降。

As mentioned earlier,cross border volumes and constant dollars were flat in the December ending quarter and in the March ending quarter have declined to negative mid single digits.

如前所述，跨境交易量和固定美元在 12 月底季度持平，在 3 月底季度下降至負個位數。

Month-to-date in April, we have seen similar results.

4 月至今，我們看到了類似的結果。

Processed transaction growth ended the March period at 6%, while month-to-date in April, it has reached 9%.

已處理的交易增長率在 3 月份結束時為 6%，而 4 月份至今已達到 9%。

Also a testament to the strength and resilience of debit as a greater percentage of process transactions are debit based.

這也證明了借方的強度和彈性，因為更大比例的流程交易是基於借方的。

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看法，就我們的經營業績而言。

And how it may effect our current guidance.

以及它如何影響我們目前的指導。

Based on our second quarter results and our improved balance of year outlook, we are confident about delivering net revenue growth in the high single digits.

基於我們第二季度的業績和我們改善的年度平衡展望，我們有信心實現高個位數的淨收入增長。

And as Joe said, we continue to expect revenue growth in the third quarter in the low single digits while the fourth is projected to be modestly higher.

正如喬所說，我們繼續預計第三季度的收入增長將保持在較低的個位數，而第四季度的收入預計會適度增長。

Also, as a reminder, this second half outlook encompasses a more pronounced negative foreign exchange impact, which on a year-over-year basis, is now expected to reduce revenue growth, by about 4 percentage points in each quarter.

此外，提醒一下，下半年的前景包含更明顯的負面外匯影響，按年計算，現在預計每個季度的收入增長將下降約 4 個百分點。

Given the strong adjusted operating margin exhibited this quarter, we are adjusting up our 2009 guidance, to the low 50% range.

鑑於本季度表現出強勁的調整後營業利潤率，我們將 2009 年的指導上調至 50% 的低位。

For 2010, recognizing the general uncertainty around the economy, our attention to continue investing for future growth and the impact of higher depreciation and amortization expenses, we are moving our guidance from mid-to high 40s to the high 40s low 50s range.

對於 2010 年，考慮到經濟的普遍不確定性、我們對繼續投資未來增長的關注以及更高折舊和攤銷費用的影響，我們正在將我們的指導從 40 年代中期到 40 年代高到 40 年代到 50 年代的高位區間。

Most importantly, and to reiterate Joe's statement, we remain on track to deliver our guidance of annual adjusted diluted earnings per share growth of greater than 20% for 2009.

最重要的是，重申 Joe 的聲明，我們仍有望實現 2009 年調整後的年度攤薄後每股收益增長超過 20% 的指導。

Looking to 2010, given a scenario that includes some recovery in the U.S.

展望 2010 年，考慮到美國經濟復甦的情景。

economy and in cross border travel, combined with more favorable comparisons in gas prices and foreign exchange rates, we would expect to exceed 20% earnings per share growth.

在經濟和跨境旅行方面，再加上汽油價格和外匯匯率方面更有利的比較，我們預計每股收益增長將超過 20%。

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。

Okay, thanks Byron.

好的，謝謝拜倫。

Let me conclude by saying that while the economy continues to present challenges, Visa remains in a strong position to weather the storm and more importantly, realize operating advantages when the economy finally does turn around.

最後，我要說的是，儘管經濟繼續面臨挑戰，但 Visa 仍處於有利地位以度過難關，更重要的是，當經濟最終好轉時，它會實現運營優勢。

We have and continue to lay the groundwork for an effective and efficient expense structure.

我們已經並將繼續為有效和高效的費用結構奠定基礎。

We're making the proper investments in products and processes to drive incremental growth in the future and most importantly we continue to work with our clients to provide them the best possible credit and debit products and processing solutions to meet their business needs.

我們正在對產品和流程進行適當的投資，以推動未來的增量增長，最重要的是，我們將繼續與客戶合作，為他們提供最佳的貸記和借記產品以及處理解決方案，以滿足他們的業務需求。

Over the longer term, the success of these initiatives will be recognized in the strength of our relationships with our clients and the growth our business with each of them wherever they are located around the world.

從長遠來看，這些舉措的成功將通過我們與客戶的關係以及我們與每個客戶的業務增長得到認可，無論他們位於世界各地。

Thank you all.

謝謝你們。

And of course, thanks Jack, for introducing me.

當然，感謝杰克介紹我。

With that, we will take any questions.

有了這個，我們會回答任何問題。

(Operator Instructions).

（操作員說明）。

The first question comes from Jason Custoberg with UBS.

第一個問題來自瑞銀的 Jason Custoberg。

You may ask your question.

你可以問你的問題。

Thanks and good afternoon.

謝謝，下午好。

I want to start with a question on the margins.

我想從邊緣的一個問題開始。

Obviously nice to see the raise in the outlook there.

顯然很高興看到那裡的前景有所提高。

So, I guess it begs the question of thinking sort of longer term beyond 2010.

所以，我想這引出了一個思考 2010 年以後更長遠的問題。

I mean, how high can the margins in this business theoretically go, understanding that obviously the business scales very well.

我的意思是，從理論上講，這項業務的利潤率可以有多高，顯然該業務的規模非常好。

You have accomplished significant cost takeout that should be even more beneficial when volumes reaccelerate.

您已經完成了顯著的成本削減，當交易量重新加速時，這應該會更加有益。

But at the same time people shouldn't expect huge pricing power to prevail indefinitely and you're continuing to invest in the long-term growth of the business.

但與此同時，人們不應該期望巨大的定價權會無限期地佔上風，而您將繼續投資於業務的長期增長。

So how should investors think about the longer term margin potential of this business in your opinion?

那麼在您看來，投資者應該如何看待這項業務的長期利潤率潛力呢？

Well, I don't think we're ready to predict that at this particular point in time.

好吧，我認為我們還沒有準備好在這個特定的時間點預測這一點。

I think that in the current situation, in the current environment, in the current economy, there are things that we probably are doing somewhat less aggressively because they simply aren't things that would gain traction right now.

我認為，在當前情況下，在當前環境中，在當前經濟中，有些事情我們可能做得不那麼積極，因為它們根本不是現在會獲得牽引力的事情。

It certainly doesn't make sense to over advertise in an environment where there is going to be less credit usage for instance.

例如，在信用使用量減少的環境中過度做廣告當然沒有意義。

I mean, as an example.

我的意思是，作為一個例子。

But there is a lot of other things.

但是還有很多其他的事情。

And so I think we have to carefully consider that.

所以我認為我們必須仔細考慮這一點。

But we are obviously focused on expense control and efficiency, and we will never stop focusing on that, in the future.

但我們顯然專注於費用控制和效率，未來我們將永遠不會停止關注這一點。

So, we will see.

所以，我們會看到的。

Are you guys thinking about the broad impact on the card industry, potentially if some of the currently proposed legislation on the non-interchange side end up becoming law, especially if this end up including some of the more restrictive elements that potentially go beyond the Fed UDEP regulations that were approved in late '08?

你們是否正在考慮對信用卡行業的廣泛影響，如果目前提議的一些非交換方面的立法最終成為法律，特別是如果最終包括一些可能超出美聯儲的限制性因素08 年末批准的 UDEP 法規？

I mean is some of that factoring into your thinking as your outlining the top line outlook for us in the fiscal 2010?

我的意思是，在您為我們概述 2010 財年的頂線前景時，您是否考慮了其中的一些因素？

Anything that effects our clients, ultimately, did ultimately affects us.

任何影響我們客戶的事情最終都會影響我們。

We're as concerned as they are.

我們和他們一樣擔心。

That whatever transpires, is done thoughtfully and in collaboration.

無論發生什麼，都是經過深思熟慮和合作完成的。

We think that, we do not believe that what is happening, or what will happen, will mark the end of the credit or the debit card business in the United States, and I am reasonably certain that we will continue to see increase in volumes as the economy recovers.

我們認為，我們不相信正在發生的事情或將要發生的事情將標誌著美國信用卡或借記卡業務的終結，我有理由相信我們將繼續看到交易量的增長，因為經濟復甦。

But these are troublesome times.

但現在是麻煩的時期。

And there are many many issues out there.

那裡有很多很多問題。

And while we are not directly affected by UDEP or some of the other, some of the proposed regulations in bills that are attached to it are somewhat of the opinions that our president has, we are concerned and ultimately, ultimately, impacted.

雖然我們不受 UDEP 或其他一些直接影響，但隨附的法案中的一些擬議法規在某種程度上是我們總統的意見，我們擔心並最終最終受到影響。

So we're going to keep our eye on that and as I said, try to help make sure that it gets thoughtfully enacted.

因此，我們將密切關注這一點，正如我所說，嘗試幫助確保它得到深思熟慮的製定。

Okay.

好的。

Makes sense, thanks guys for the color.

有道理，謝謝大家的顏色。

The next question comes from Julio Canteros with Goldman Sachs.

下一個問題來自高盛的 Julio Canteros。

You may ask your question.

你可以問你的問題。

Great.

偉大的。

Byron, can I start with you just real quick on just trying to reconcile the commentary for cross border volumes in the March quarter relative to the revenue growth you posted there.

拜倫，我能不能先從你開始，試著將 3 月季度跨境交易量的評論與你在那裡發布的收入增長相協調。

I think it was roughly 18%.

我認為大約是 18%。

I think you said it was flat but revenue growth was 18%.

我認為你說它持平，但收入增長為 18%。

Is the Delta between that zero and 18% purely pricing, on some of the adjustments that you're making there.

零到 18% 之間的 Delta 是純定價嗎，你在那裡進行的一些調整。

Yes, we are -- that's right.

是的，我們是——沒錯。

We are annualizing out.

我們正在年度化。

This will be the last quarter of annualizing price adjustment that were taken in the third fiscal quarter of 2008.

這將是 2008 年第三財季進行的年化價格調整的最後一個季度。

So you're seeing the last impacts of that annualization.

所以你看到了年化的最後影響。

Okay.

好的。

And then there was another price commentary that you made, that would have kicked in April, I believe, as well.

然後你又發表了另一條價格評論，我相信它也會在 4 月份開始。

April of --

四月——

2009, I guess.

2009年，我猜。

Not -- not on international.

不——不在國際上。

No.

不。

I'm sorry.

對不起。

On the North America side excuse me.

在北美方面，對不起。

Not familiar, not familiar with what you're referring to.

不熟悉，不熟悉你所說的。

The last substantive adjustment we made that would have been impacting this quarter would have been the international adjustment third quarter, fiscal year 2008.

我們進行的最後一次影響本季度的實質性調整是 2008 財年第三季度的國際調整。

And nothing else to, expecting going forward in fiscal '09 at this point then.

沒有別的了，期待在這個時候在 09 財年繼續前進。

Say that last part again?

再說一遍最後一部分？

Yes and you're just not expecting anything else from the international side or domestically going forward?

是的，您只是不期待國際方面或國內方面的其他任何事情嗎？

Yes, that's correct from, as you move into the current quarter, you should expect that the impact of that annualization to be felt, or the absence thereof.

是的，這是正確的，當您進入當前季度時，您應該預期會感受到年化的影響，或者沒有這種影響。

Great, got it, thank you.

太好了，明白了，謝謝。

The next question comes from Jim Casane, Banc of America.

下一個問題來自美國銀行的 Jim Casane。

You may ask your question.

你可以問你的問題。

Yes, Thanks.

對了謝謝。

And Joe, following up on that question in the release you talking about right sizing the pricing structure.

喬，在你談到正確調整定價結構的版本中跟進這個問題。

Can you put a little more color on that?

你能在上面多塗一點顏色嗎？

Thanks.

謝謝。

Well, I think that we have said that from the beginning, in our on the road show in our guidance, we have always suggested that, a modest amount of our growth for the time being is going to come from pricing changes.

好吧，我認為我們從一開始就說過，在我們的指導中的路演中，我們一直建議，我們暫時的適度增長將來自價格變化。

And indeed it has.

確實如此。

And indeed I think it will, although, I think on a somewhat reduced basis.

事實上，我認為它會，雖然，我認為在某種程度上減少了。

As Byron just said, there are no pricing changes that were made in the third quarter, that are going to impact our earnings.

正如拜倫所說，第三季度沒有定價變化，這將影響我們的收益。

As I said, there are some modest adjustment has the were made that will affect us in the a positive effect in the fourth quarter.

正如我所說，已經進行了一些適度的調整，這將對我們在第四季度產生積極影響。

That is like 1% to 2% or can you put like range around it?

這就像 1% 到 2% 或者你可以在它周圍設置類似的範圍嗎？

It's a little too soon to call.

打電話有點太早了。

Okay.

好的。

And just, you also touched on consolidation.

只是，你還談到了整合。

Any update on timing of contract renegotiations, as a result of the consolidations?

由於合併，合同重新談判的時間是否有任何更新？

You know maybe like Chase and WaMu?

你知道可能像 Chase 和 WaMu 嗎？

Well, I would certainly like to give you some definitive information.

好吧，我當然想給你一些確切的信息。

And you can rest assured that I will as soon as I can.

你可以放心，我會盡快。

Okay.

好的。

Is it an '09 event?

這是09年的活動嗎？

We will let you know as soon as --

我們會盡快通知您——

I tried.

我試過了。

Thank you.

謝謝你。

The next question comes from Craig Maurer, Calyon Securities.

下一個問題來自 Calyon Securities 的 Craig Maurer。

You may ask your question.

你可以問你的問題。

Yes, good evening, guys.

是的，晚上好，伙計們。

I wanted to ask you internally if you can discuss what your planning looks like or your thought process looks like around, if the current Swine Flu was to expand to SARS-like proportions.

我想在內部問你，如果當前的豬流感要擴大到類似 SARS 的比例，你是否可以討論你的計劃是什麼樣的，或者你的思維過程是什麼樣的。

Thanks.

謝謝。

Well, we have looked at that, obviously.

好吧，顯然我們已經看過了。

And -- we, at this exact point in time, based on what we know, right now and of course this is something that is unfolding.

而且 - 我們，在這個確切的時間點，根據我們現在所知道的，當然這是正在展開的事情。

But as we look at it and we look at SARS, this would not cause us to back off of the guidance that we just gave you.

但是當我們審視它和我們審視 SARS 時，這不會導致我們放棄我們剛剛給你的指導。

I mean, we would still be looking for high single digit growth, revenue growth for the year.

我的意思是，我們仍將尋求高個位數的增長，即今年的收入增長。

Obviously, if something happens it might be a little less than if it doesn't but we're talking the same range.

顯然，如果發生某些事情，它可能會比沒有發生的情況要少一些，但我們談論的是相同的範圍。

I think one thing that you should keep in mind and everybody should keep in mind, when SARS occurred cross border volume was pretty robust and growing pretty rapidly.

我認為你應該記住一件事，每個人都應該記住，當 SARS 發生時，跨境交易量非常強勁並且增長非常迅速。

And then it subsided from that.

然後它從那消退了。

There was only one really bad quarter during the SARS epidemic.

在 SARS 流行期間，只有一個非常糟糕的季度。

Then it was totally back within four quarters, and actually after the one bad quarter it was, it had gone, it went back up about 50%.

然後它在四個季度內完全恢復，實際上在一個糟糕的季度之後，它已經消失了，它回升了大約 50%。

Nothing says that this is going to be the same kind of activity, but the other very important thing to remember is that a considerable number of people, as we have continued to remind everybody, in our quarterly reports have already stopped traveling.

沒有人說這將是同一種活動，但要記住的另一件非常重要的事情是，正如我們在季度報告中不斷提醒大家的那樣，相當多的人已經停止旅行。

Yet you don't have the same base of leisure travel, that is going on today, as there was when SARS occurred.

然而，你沒有像 SARS 發生時那樣的休閒旅遊基礎。

They didn't need the flu epidemic to stay off of airplanes.

他們不需要流感流行就可以遠離飛機。

Right.

正確的。

So it is purely from an economic pressure point of view, people have stopped traveling.

所以純粹從經濟壓力的角度來看，人們已經停止了出行。

Well,

出色地，

I mean, obviously they have.

我的意思是，顯然他們有。

Our cross border volume, I keep saying, has gone down.

我一直在說，我們的跨境交易量已經下降。

Another question on cross border.

關於跨境的另一個問題。

Would you be able to tell me what, around what percentage of cross border transactions occur in the United States from people outside the U.S.

你能告訴我，在美國發生的跨境交易中，來自美國以外的人的比例大約是多少？

vs.

對比

the other way around?

另一種方式？

We haven't commented on that level of breakdown.

我們還沒有評論這種細分水平。

We were prepared to be a little more specific around Mexico, if that question was targeted.

如果這個問題是針對的，我們準備在墨西哥更具體一點。

But we haven't made a decision yet to regularly disclose that level of detail.

但我們尚未決定定期披露該級別的詳細信息。

We will take that under advisement, though, and consider that going forward.

不過，我們會考慮這一點，並考慮到這一點。

So how are you doing in Mexico?

那麼你在墨西哥過得怎麼樣？

If we were to isolate Mexico, the impact on revenue or the contribution to revenue, as it relates to cross border travel is less than 1%.

如果我們要孤立墨西哥，與跨境旅行相關的收入或收入貢獻的影響不到 1%。

And that is primarily reflected in the international fees.

這主要反映在國際費用上。

So even if it turned out to be a significant impact on cross-border related to Mexico, that, as Joe mentioned earlier, we are still very comfortable reaffirming the high single digit revenue guidance for the year.

因此，即使事實證明它對與墨西哥相關的跨境產生了重大影響，正如喬之前提到的，我們仍然很樂意重申今年高個位數的收入指導。

And when Byron says less than 1% he's talking about 1% of gross revenues.

當拜倫說不到 1% 時，他指的是總收入的 1%。

Right.

正確的。

Thank you, gentlemen.

謝謝你們，先生們。

The next question comes from Tien-tsin Huang, JPMorgan.

下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。

Thank you so much.

太感謝了。

Just wanted to ask a couple of questions on the March-April trend.

只是想問幾個關於 3 月至 4 月趨勢的問題。

It was nice to hear the stabilization in the U.S..

很高興聽到美國的穩定。

A bit better than what we expected.

比我們預期的要好一點。

But can you detail again what you're seeing outside the U.S.

但是您能否再次詳細說明您在美國以外看到的情況？

in terms of more recent trend, maybe more detail across the four international regions?

就最近的趨勢而言，可能是四個國際地區的更多細節？

The flavor?

味道？

What we, with regards to payment volume trend, which I think is what you're referring to.

我們，關於支付量趨勢，我認為這就是你所指的。

Yes

是的

Remember that because we report them on a one quarter lag, we don't expect to have that data, we don't have that complete data yet.

請記住，因為我們以四分之一的滯後時間報告它們，所以我們不希望擁有這些數據，我們還沒有完整的數據。

What we did say, was that with regards to payment volume growth on a constant dollar basis, rest of world in the December ending quarter, which was the basis for our service revenues in the current quarter, grew at 14%.

我們確實說過，在以固定美元為基礎的支付量增長方面，世界其他地區在 12 月底季度（這是我們本季度服務收入的基礎）增長了 14%。

And we would expect preliminary results suggest that the payment volume growth, rest of world, constant dollars will remain solidly profitable, but at a modest lower level than what we experienced, in the prior quarter.

我們預計初步結果表明，支付量增長、世界其他地區、固定美元將保持穩定盈利，但略低於我們在上一季度所經歷的水平。

Got it.

知道了。

Especially preliminary discussions with some of the international banks.

特別是與一些國際銀行的初步討論。

You can come to that conclusion, right?

你可以得出這個結論，對吧？

Yes.

是的。

Okay.

好的。

Just a couple more if you don't mind.

如果你不介意的話，就再多幾個。

The process transactions, Byron, describe that up at 9% I believe, in the April month?

流程交易，拜倫，我相信在 4 月份上漲了 9%？

Can you break that up as well for us between for U.S.

你能為我們在美國之間分手嗎？

and rest of world if possible?

如果可能的話，還有世界其他地方？

Or is that not available?

或者那不可用？

What I can give you, so first of all, the 9% was month-to-date through the 28th for April, we only have that for the moment.

我可以給你的，首先，9% 是截至 4 月 28 日的月初至今，我們目前只有這個。

On at an ink level.

在墨水量上打開。

But if we were to go back to the prior quarter, for the March-ending quarter, growth rates were mid-single digits for both the U.S.

但如果我們回到上一季度，對於 3 月底的季度，美國兩個國家的增長率都是中個位數。

and rest of world.

和世界其他地方。

Okay, great.

好，太棒了。

So it is nice to sow that pick up a bit.

所以播種一點點是很好的。

Last housekeeping question.

最後的家政問題。

Just accelerated class C release program, can you give us some detail on how that might get executed?

剛剛加速的 C 類發布程序，你能告訴我們一些關於如何執行的細節嗎？

So, recall that each class C share represents a one for one conversion ratio into our publicly traded A shares.

因此，請回想一下，每一股 C 類股票都代表了與我們公開交易的 A 股的一對一轉換比率。

So today, we have 151 million of C shares or A share equivalents all of which are locked up.

因此，今天，我們有 1.51 億股 C 股或 A 股等值股票全部被鎖定。

That represents about 20% of our outstanding shares.

這約占我們流通股的 20%。

All of those shares today, unlock on March 25th 2011, which was not a situation that we wanted to allow to happen.

今天所有這些股票都在 2011 年 3 月 25 日解鎖，我們不想讓這種情況發生。

Therefore, pro actively, we wanted to begin unlocking those shares early, to release some of the pressure that would have otherwise occurred in 2011.

因此，pro 積極地，我們希望儘早開始解鎖這些股票，以釋放一些原本會在 2011 年發生的壓力。

30%, or roughly 45 million C shares have the opportunity to unlock between July 1, of this year, through September 30th.

30% 或約 4500 萬股 C 股有機會在今年 7 月 1 日至 9 月 30 日期間解鎖。

When we say "unlock," that means they have, that the banks that own them, have the opportunity to sell them.

當我們說“解鎖”時，這意味著擁有它們的銀行有機會出售它們。

Doesn't mean they will sell them.

並不意味著他們會賣掉它們。

It means they have the opportunity to sell them.

這意味著他們有機會出售它們。

And so, we will be ready by July 1 to take requests from our member banks from our non U.S.

因此，我們將在 7 月 1 日之前準備好接受來自非美國的會員銀行的請求。

banks, all C share holders are non U.S.

銀行，所有 C 股股東都是非美國的

banks, we will be prepared to process requests for them to unlock shares and make them available for sale.

銀行，我們將準備處理要求他們解鎖股票並使其可供出售的請求。

Once a C share sells, it automatically becomes an A share, and is added to our float.

一旦 C 股賣出，它就會自動變成 A 股，並添加到我們的流通股中。

As a further matter of perspective, we currently trade about 9.5 million share a day.

從另一個角度來看，我們目前每天交易約 950 萬股。

So 30% of the $151 million is roughly 45 million shares or about five days worth of trading.

因此，1.51 億美元中的 30% 大約是 4500 萬股，也就是大約 5 天的交易量。

So, we would expect, that the unlock would occur, during the course of that window, July 1 to September 30th.

因此，我們預計解鎖將在 7 月 1 日至 9 月 30 日的那個窗口期間發生。

with very little disruption, to our trading volume, or price.

對我們的交易量或價格的影響很小。

Got it.

知道了。

So you'll get the subscription level and that will probably drizzle out.

因此，您將獲得訂閱級別，並且可能會下毛毛雨。

So there is not necessarily a secondary there or direct share purchase program at this stage.

因此，現階段不一定有二級或直接股票購買計劃。

That is exactly right.

這是完全正確的。

We expect requests to come in during the course of the window.

我們希望在窗口期間收到請求。

We will unlock promptly.

我們會及時解鎖。

So there would be no secondary or any one-day or several days that would have, that we would expect to have significant transactions.

因此，我們預計不會有第二次或任何一天或幾天的交易。

OK.

好的。

Thanks so much.

非常感謝。

Nice quarter.

漂亮的季度。

Thank you.

謝謝你。

The next question comes from Don Vandetti, Citi.

下一個問題來自花旗銀行的 Don Vandetti。

You may ask your question.

你可以問你的問題。

Good evening.

晚上好。

I was wondering if you could provide maybe just an update on the regulatory environment in the U.S.

我想知道您是否可以提供有關美國監管環境的最新信息。

and outside if there are any hot spots.

如果有任何熱點，則在外面。

I know that there was a little bit of talk about interchange on the pending card bill but it looks very unlikely, if you could provide some color, that would be great.

我知道在待處理的卡賬單上有一些關於交換的討論，但看起來不太可能，如果你能提供一些顏色，那就太好了。

I don't know that I am in the business of predicting what Congress will do, in this environment, but we feel quite good about the any interchange legislation not being in UDEP or (inaudible) or Maloney or Welsh or any other bill, for the time being.

我不知道我的職責是預測國會在這種環境下會做什麼，但我們對不在 UDEP 或（聽不清）或馬洛尼或威爾士或任何其他法案中的任何交換立法感到非常滿意，因為暫時。

We seem to be making some progress, although I do not have an official announcement for you, from Australia.

我們似乎正在取得一些進展，儘管我沒有來自澳大利亞的官方公告。

Maybe new Zealand, there has been some comment , there has been some things that are going on in Europe that doesn't directly affect us.

也許新西蘭，有一些評論，歐洲正在發生一些不會直接影響我們的事情。

I think we're generally we're in pretty good shape.

我認為我們一般情況下都很好。

Other than the comments that I made earlier about UDEP and how it affects their

除了我之前對 UDEP 以及它如何影響他們的評論之外

Okay, thank you.

好的謝謝你。

The next question comes from Christopher Brendler, Stifle Nicholas.

下一個問題來自扼殺尼古拉斯的克里斯托弗·布倫德勒。

You may ask your question.

你可以問你的問題。

Can you talk about your guidance for fiscal 2010.

你能談談你對 2010 財年的指導嗎？

I think It includes reacceleration of revenue growth but the operate margin guidance includes the high 40s.

我認為這包括收入增長的重新加速，但營業利潤率指導包括 40 年代的高位。

Why would the operating margin fall back down to the 40s under that forecast in your mind?

在你看來，為什麼營業利潤率會在這個預測下回落到 40 多歲？

We said high 40s to low 50s.

我們說高 40 到低 50。

Yes, under the current circumstance you can tell that we're running in the low-to-mid 50s and but before doing all of our formal planning and everything we're saying that it will likely be in that neighborhood, next year, too.

是的，在目前的情況下，您可以看出我們的運營時間是 50 年代中期，但在進行所有正式規劃之前，我們所說的一切都可能在那個街區，明年也是.

.

.

Chris, I would just reiterate something Joe said earlier.

克里斯，我想重申一下喬之前說過的話。

Which is, this is an unusually difficult time, for many of our clients.

也就是說，對於我們的許多客戶來說，這是一個異常艱難的時期。

There has been retrenchment in card marketing programs, there is a more limited expectation that were we to invest in growth initiatives, that there would be the same level of traction today, as there would be if the environment were more favorable.

卡營銷計劃一直在縮減，如果我們投資於增長計劃，那麼今天的牽引力將與如果環境更有利的話會有相同水平的牽引力。

And so we are being very, we're just being cautious about expressing margin expectations, recognizing that there is a lot of growth runway with this Company, and with this industry.

所以我們非常，我們只是對錶達利潤率預期持謹慎態度，認識到這家公司和這個行業有很多增長空間。

And that once the economy improves we want to be positioned to take advantage of it.

一旦經濟好轉，我們希望能夠利用它。

And just to follow-up, Bryon does that mean, when you're talking about helping your constituance, your customers does that mean increased incentives or rebates or increased margin spending, both, is it press level right now and this could rebound to 2010?

只是跟進，Bryon 是否意味著，當您談論幫助您的選區時，您的客戶是否意味著增加獎勵或回扣或增加利潤支出，兩者都是，現在是新聞水平，這可能會反彈到 2010 年?

Good question.

好問題。

As the economy improves, as payment volume growth improves, or our clients, we would expect, the way our incentive formulas work we would pay out more in incentives because more would be earned and we would be thrilled to do so, by the way.

隨著經濟的改善，隨著支付量增長的改善，或者我們的客戶，我們預計，我們的激勵公式的運作方式將在激勵中支付更多，因為會獲得更多，順便說一句，我們會很高興這樣做。

And then, with regards to marketing, that was something Joe specifically called out, as an example of an expense, that were the environment more favorable and we believe that there would be more traction and response to marketing.

然後，關於營銷，這是喬特別提到的，作為費用的一個例子，那就是環境更有利，我們相信會有更多的吸引力和對營銷的反應。

We would be fully prepared to slate our ability to accelerate our ability to grow payment volume and our revenues.

我們將做好充分準備，以加快我們增加支付量和收入的能力。

The short answer that is I do not necessarily expect operating margins to go below where they are now.

簡短的回答是，我不一定期望營業利潤率會低於現在的水平。

At any time in the near future.

在不久的將來的任何時候。

Perfect.

完美的。

Obviously on certain environment.

顯然在特定環境下。

The separate question.

單獨的問題。

Is it the C class release, and the increase in the flow give you additional capacity to do share repurchase.

是不是C類發布，流量的增加給了你額外的回購能力。

And any updated thoughts on excess capital what your plans are to do with it, thanks.

以及任何關於超額資本的最新想法，您的計劃是如何處理它，謝謝。

Yes, the answer is yes to the first question.

是的，第一個問題的答案是肯定的。

When a C share converts, it becomes an A.

當 C 股轉換時，它變成 A。

And what that means, if it is an A share, it means that it is not owned by any of our member banks.

這意味著什麼，如果它是 A 股，就意味著它不屬於我們的任何成員銀行。

Therefore, the amount of float that would be available for us to repurchase and keep public ownership above 50% would increase.

因此，可供我們回購併將公有持股比例保持在 50% 以上的流通量將會增加。

So the answer to your first question is absolutely yes.

所以你的第一個問題的答案是肯定的。

And with regards to the second question, we have continually reaffirmed our intent to use excess cash, to pay dividends, and to repurchase shares, under a strong belief that that capital should be excess cash should be returned to share holders.

關於第二個問題，我們不斷重申我們打算使用多餘的現金、支付股息和回購股份，堅信資本應該是多餘的現金，應該返還給股東。

And so, we remain very committed to that principal.

因此，我們仍然非常致力於該原則。

Thank you, gentlemen.

謝謝你們，先生們。

(Operator Instructions).

（操作員說明）。

The next question comes from John Williams.

下一個問題來自約翰威廉姆斯。

McWyrie.

麥克維里。

You may ask your question.

你可以問你的問題。

Good evening.

晚上好。

Thank you for taking my question.

謝謝你接受我的問題。

I was hoping you could provide a little bit more color on what you're seeing from your bank customers in terms of their appetite for things like debit products and prepaid and money transfer, particularly when you look at it against credit-type products in this environment.

我希望你能提供更多關於你從銀行客戶那裡看到的關於他們對借記產品、預付和匯款等東西的興趣的色彩，尤其是當你在本文中對比信用卡類型產品時環境。

Well, I think that it is, I am not sure that it is an appetite issue, with our clients.

嗯，我認為是的，我不確定這是我們客戶的胃口問題。

I think it is a function of the economy, and what people are willing to do, and what they are capable of doing, and how the banks assess that, how the financial institutions assess their capabilities.

我認為這是經濟的一個功能，人們願意做什麼，他們有能力做什麼，銀行如何評估，金融機構如何評估他們的能力。

So in other words, how much credit are they going to,give anybody in this particular environment.

所以換句話說，他們會給這個特定環境中的任何人多少功勞。

So as we, as we said, we are getting a lot more traction off of our Debit volume and our debit transaction, both in dollars and in numbers of transactions.

因此，正如我們所說，我們從借記交易量和借記交易中獲得了更多的吸引力，無論是美元還是交易數量。

I would expect that to continue in the moderate run.

我預計這種情況會在溫和運行中繼續下去。

I don't think that the credit card business is going to go away.

我認為信用卡業務不會消失。

But I think that we're operating in some relatively troubled times.

但我認為我們正處於一些相對困難的時期。

I think that our clients are pretty smart about their businesses.

我認為我們的客戶對他們的業務非常聰明。

I think they know what they are doing.

我想他們知道自己在做什麼。

I think that they will promote those things that they think will resonate at a particular point in time, and we're going to have to wait and see what happens in the economy, before I can accurately or totally predict exactly what they are going to do.

我認為他們會推廣那些他們認為會在特定時間點引起共鳴的事情，我們將不得不等待，看看經濟會發生什麼，然後我才能準確或完全預測他們將要做什麼做。

Thank you.

謝謝你。

How about a money transfer.

怎麼轉錢。

Is there any specific commentary you guys can offer?

你們有什麼具體的評論可以提供嗎？

I don't have any specific to say about it but we have talking about it as one of our initiatives.

我對此沒有任何具體要說的，但我們將其作為我們的一項舉措來討論。

We have not abandoned that notion at all.

我們根本沒有放棄這個概念。

We did make an announcement, I believe last quarter, about an arrangement that we have with Money Gram where people can transfer money between Visa accounts at any Money Gram location.

我相信上個季度我們確實宣布了一項關於我們與速匯金的安排，人們可以在任何速匯金地點的 Visa 賬戶之間轉賬。

That is not the end of what we're going to do.

這不是我們要做的事情的結束。

It is barely the beginning.

這只是一個開始。

And we will bring you up-to-date on it when we have firmer and more specific plans.

當我們有更堅定、更具體的計劃時，我們會為您提供最新信息。

Thank you, guys.

感謝你們。

Appreciate it.

欣賞它。

The next question comes from Sanjay Sakhrani, KGW.

下一個問題來自 KGW 的 Sanjay Sakhrani。

You may ask your question.

你可以問你的問題。

I guess I was just hoping if you could help me with the two larger expense lines a little bit more.

我想我只是希望你能幫我處理兩條較大的費用線。

I guess on marketing, could you help us think about how much discretion you have to pull, if needed, on that line and some of the deflationary pressures you're seeing in that market.

我想在營銷方面，您能否幫助我們考慮一下您在這條線上需要多少自由裁量權，以及您在該市場看到的一些通貨緊縮壓力。

And then, on the personnel line could you just talk about kind of where we are as far as head count rationalization is concerned.

然後，在人事方面，您能否談談我們在人數合理化方面的情況。

And what we could think about or how we should think about that line going forward, thanks?

以及我們可以考慮什麼，或者我們應該如何考慮這條線，謝謝？

I will talk about the marketing and let Byron talk about the people.

我會談談營銷，讓拜倫談談人。

Look.

看。

As far as the marketing goes, we have an ROI model.

就營銷而言，我們有一個投資回報率模型。

We pay attention to the return that we get.

我們關注我們得到的回報。

And we are focusing all of our advertising and all of our marketing expense right now on increasing usage.

我們現在將所有的廣告和營銷費用都集中在增加使用量上。

So we're trying to keep that transfer of attitude from cash and cashing checks to plastic, alive.

因此，我們正在努力保持這種態度從現金和兌現支票到塑料的轉移，並保持活力。

And we keep it alive with our advertising.

我們通過廣告保持活力。

If you look at our new "go" campaign.

如果您查看我們新的“go”活動。

It is totally, in the United States, it is totally debit card focused.

它完全是，在美國，它完全以藉記卡為重點。

Totally talking about using a debit card to buy a pizza to go to the aquarium, to get a song on your ipod and any one of a number of things, instead of using a check or instead of using cash.

完全是在談論使用借記卡購買披薩去水族館，在你的 ipod 上聽一首歌以及許多事情中的任何一個，而不是使用支票或現金。

So, we measure the effectiveness of that.

所以，我們衡量它的有效性。

And we will continue to spend the amount of money that we feel is appropriate, as it relates to helping us increase the volume and therefore, increase our revenue.

我們將繼續花費我們認為合適的金額，因為這與幫助我們增加數量並因此增加我們的收入有關。

And I think we have done a pretty good job of being disciplined.

我認為我們在遵守紀律方面做得很好。

Now, of course we can ratchet back on the category without getting substantially harmed.

現在，我們當然可以在不受到實質性傷害的情況下重新回到該類別。

And we will do what is appropriate to do, in the environment that we're in.

我們將在我們所處的環境中做適當的事情。

So that we can continue to deliver what we have promised we will deliver.

這樣我們就可以繼續兌現我們承諾我們將兌現的承諾。

On the personnel side, if we were to elevate for a moment and take you back to our road show commitment, we had a commitment to reduce at least $300 million of cost associated with the merging of the six businesses that currently comprise Visa Inc.

在人事方面，如果我們要提升片刻並帶您回到我們的路演承諾，我們承諾將減少至少 3 億美元與合併目前組成 Visa Inc. 的六家企業相關的成本。

that took place in October of 2007.

發生在 2007 年 10 月。

What we have said, and rationalizing personnel costs were an important component of that.

我們所說的以及合理化人員成本是其中的一個重要組成部分。

We would expect that to be largely complete.

我們預計這將在很大程度上完成。

The merger-related synergies, by the end of this year.

合併相關的協同效應，到今年年底。

And at that point as you can appreciate with a company that is now continuing to assimilate six different companies, we have opportunity to reengineer our processes, so that they are less regional-based and more global-based reflect that we're now operating as a global enterprise.

在這一點上，正如您對一家現在繼續同化六家不同公司的公司所了解的那樣，我們有機會重新設計我們的流程，使它們不再以區域為基礎，而是以全球為基礎，這反映了我們現在的運營方式一家全球性企業。

And so the productivity improvement opportunities that are always present with every company, become more of a routine opportunity for us the, also translate that it is heavier sledding to get those because you're re-engineering processes.

因此，每家公司始終存在的提高生產力的機會，對我們來說更像是一個例行的機會，也意味著獲得這些機會更加繁重，因為您正在重新設計流程。

You're standardizing systems platform, so it takes an investment often to get those gains.

您正在標準化系統平台，因此通常需要進行投資才能獲得這些收益。

But as Joe said we're a business that is maniacally on delivering expense improvement as a part of our value proposition, and we will continue that focus unrelentingly.

但正如喬所說，我們是一家瘋狂地將改善費用作為我們價值主張的一部分的企業，我們將繼續堅持不懈地關注這一點。

Okay, great.

好，太棒了。

Just one quick follow-up.

只需快速跟進。

In the guidance you guys talk about certain economic recovery assumptions.

在指導中，你們談論了某些經濟復甦假設。

What exactly are those?

這些到底是什麼？

I mean, are you guys expecting like a decelerating rate of deterioration, or are there any specific data points you guys are targeting?

我的意思是，你們是否期望惡化的速度會減慢，或者你們是否有任何特定的數據點作為目標？

What we said were four things.

我們說的是四件事。

First, that in early fiscal year 2010, that there would be some recovery in U.S.

首先，在 2010 財年初期，美國將出現一些復甦。

payment volume or the U.S.

支付量或美國

economy, and the cross border travel.

經濟和跨境旅行。

Recovery means that there is no, that we're starting to see some year-over-year growth.

復甦意味著沒有，我們開始看到同比增長。

Recovery is not a lower decelerating.

復甦不是更低的減速。

Recovery is some year-over-year growth.

復甦是一些同比增長。

And we know that in the first fiscal quarter.

我們知道在第一財季。

The quarter beginning in October, we know that that was the quarter where gas prices took a significant reduction, from where they had been through most of 2008.

從 10 月開始的那個季度，我們知道那是天然氣價格大幅下降的季度，從 2008 年的大部分時間開始。

And we also know that during that quarter, is when the U.S.

而且我們也知道，在那個季度，是美國

dollar strengthened considerably against an array of currencies.

美元兌多種貨幣大幅走強。

And so once we get into that October-November time frame we're now lapping those two situations.

因此，一旦我們進入 10 月至 11 月的時間框架，我們現在正在處理這兩種情況。

So from that standpoint, we feel pretty confident that those two will happen.

所以從這個角度來看，我們非常有信心這兩個會發生。

And what it really depends on is some recovery, in U.S.

它真正依賴的是美國的一些復甦。

payment volumes and in cross border travel.

支付量和跨境旅行。

Okay.

好的。

Great, thank you.

太好了謝謝。

The next question comes from Bob Napoli, Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Bob Napoli。

You may ask your question.

你可以問你的問題。

Good afternoon.

下午好。

There was some discussion reported in some newspapers I guess that Visa was looking at an acquisition of a processing division of a large bank here in U.S.

一些報紙上報導了一些討論，我猜 Visa 正在考慮收購美國一家大型銀行的處理部門。

and Ohio not too long ago.

不久前還有俄亥俄州。

And I just wondered, what your thoughts are on acquisitions in the U.S., or internationally, in the processing market, and the merchant acquiring side of that business, or otherwise.

我只是想知道，您對在美國或國際、加工市場的收購以及該業務的商家收購方或其他方面有何看法。

Well, that is a good question.

嗯，這是個好問題。

I mean, there was something in the paper, and it was about a processing operation, in Ohio, and we have obviously didn't do it.

我的意思是，報紙上有一些東西，它是關於俄亥俄州的一個處理操作，我們顯然沒有這樣做。

And didn't decided that we didn't want to do it.

並且沒有決定我們不想這樣做。

We also purchased as you know, YCS to do processing for which is a processing system that we use outside of the United States, it is multi-currency and multilingual.

如您所知，我們還購買了 YCS 進行處理，這是我們在美國以外使用的處理系統，它是多幣種和多語言的。

It is easier to deploy than VisaNet, than VisaNet would be.

它比 VisaNet 更容易部署，比 VisaNet 更容易。

And so, we made that transaction.

所以，我們做了那筆交易。

We're looking at other transactions, that would put us at the center of the payments business, in other regions around the world particularly emerging regions.

我們正在研究其他交易，這將使我們成為支付業務的中心，在世界其他地區，特別是新興地區。

It is not clear to me, that there is anything that is in the offing tomorrow or the next day, but we are alerted to what is going on and we're paying attention to it and we will make the moves that we think are strategically appropriate.

我不清楚明天或後天會有什麼事情發生，但我們對正在發生的事情保持警惕，我們正在關注它，我們將採取我們認為具有戰略意義的舉措合適的。

Thanks Joe.

謝謝喬。

And that, I mean, you're talking about merchant acquiring businesses and related --

那，我的意思是，你說的是商家收單業務和相關的——

In the end in the end we are not a merchant acquirer.

到底我們不是商家收單機構。

No, we own 10% of an acquiring business in Brazil, which people have talked about potentially being IPO'd, we own parts of processing entities of several other small processing entities in several other Latin America countries.

不，我們在巴西擁有 10% 的收購業務，人們曾談到可能會進行首次公開募股，我們擁有其他幾個拉丁美洲國家的其他幾個小型加工實體的加工實體的一部分。

We may participate in an acquiring business in an emerging economy, but if we did, it would essentially be to speed up the terminalization of that region.

我們可能會在新興經濟體中參與收購業務，但如果我們這樣做了，本質上將是加速該地區的終端化。

And we would not ultimately desire to be in the acquiring business.

而且我們最終不會希望從事收購業務。

But it may or may not be necessary to get something going.

但它可能有也可能沒有必要讓事情順利進行。

And just a numbers question, if I could.

如果可以的話，只是一個數字問題。

The last question.

最後一個問題。

On the percentage, do you know what percentage of your credit card payments volume are on cards, that do not revolve?

關於百分比，你知道你的信用卡支付量中有多少是在卡上的，而不是循環的？

No borrowing.

不借。

Approximately.

大約。

Yes, I think, the way we have tried to approach that, is that if you take.

是的，我認為，我們試圖解決這個問題的方式是，如果你接受的話。

let's say, if we can answer from the U.S.

比方說，如果我們能從美國回答

perspective.

看法。

If you take our total U.S.

如果你把我們的總美國

consumer payment volume, recognizing that a little over 15% is now on debit, which by definition doesn't revolve, and then you add into that, those credit card accounts where during the course of the year, -- less than half the credit line is used, and you add those two together, we have that a little over between 90% and 95% of our U.S.

消費者支付量，認識到現在有 15% 多一點是藉記的，根據定義，這不是循環的，然後你再加上那些信用卡賬戶，在這一年中， - 不到一半的信用線被使用了，你把這兩個加在一起，我們在美國的 90% 到 95% 之間有一點多一點。

consumer payment volume would fit that definition.

消費者支付量符合該定義。

And we view saying that less than half the credit line is used throughout the year, as basically saying that is an account that generally doesn't revolve, for much of the year.

我們認為，全年使用的信貸額度不到一半，基本上是說這是一個在一年中的大部分時間里通常不循環的賬戶。

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。

The last question does from Dan Perlin, RBC.

最後一個問題來自 RBC 的 Dan Perlin。

You may ask your question.

你可以問你的問題。

I got one in, excellent.

進了一個，太好了

Couple quick questions.

幾個快速的問題。

With this corresponding shelf registration and I understand you're kind of saying it is good capital management, but I am just wondering can you give us an update on this Visa put.

有了這個相應的貨架註冊，我理解你的意思是說這是很好的資本管理，但我只是想知道你能不能給我們這個 Visa put 的最新信息。

I suspect you would want to issue some debt for whatever reason you want to handle that.

我懷疑你會出於任何你想要處理的原因發行一些債務。

On the put there is no update.

在 put 上沒有更新。

We have no reason, whatsoever, to believe that Visa Europe is interested in the put.

無論如何，我們沒有理由相信 Visa Europe 對看跌期權感興趣。

Were they to put, we would of course look at that as a possible source of financing.

如果他們提出，我們當然會將其視為可能的融資來源。

But that has absolutely nothing to do with the shelf registration.

但這與貨架註冊完全無關。

As we were approaching the December time period for replenishing our escrow account, we decided in the end, to do a direct purchase of the shares, the permission for which was required by our share holders, in the event that that permission which required a super majority voting provision was not given, we had a back-up course of action to do a follow-on-underwriting.

當我們接近 12 月補充我們的託管賬戶的時間時，我們最終決定直接購買股票，我們的股東要求獲得許可，如果該許可需要超級沒有給出多數投票條款，我們有一個後備行動方案來進行後續承銷。

And we prepared for that in parallel.

我們同時為此做好了準備。

So what we found, since we had the favorable vote to do it directly, in December, we basically had done all the work for our shelf registration and therefore decided to go ahead and file it.

所以我們發現，既然我們有贊成票直接做，12月份，我們基本上已經完成了我們貨架註冊的所有工作，因此決定繼續進行備案。

Perfect.

完美的。

Does the new data center provide you guys any near-term opportunity to lower your uni-cost?

新的數據中心是否為你們提供了降低單價的近期機會？

And there is a corresponding data center that is closing as a result?

是否有相應的數據中心因此而關閉？

I forget how that works.

我忘記了它是如何工作的。

The answer is yes.

答案是肯定的。

to both questions.

對這兩個問題。

So this replaces an existing data center, and when, with that replacement, it brings in a significant capacity increase to our existing network and leveraging that capacity increase will allow us to bring down per transaction charges.

因此，這取代了現有的數據中心，並且通過這種更換，它為我們現有的網絡帶來了顯著的容量增加，並且利用這種容量增加將使我們能夠降低每筆交易的費用。

Okay.

好的。

And that is something we're going to see, is that part of the embed numbers as you think about 2010 or that is part of the embedded number as we think about back-half of '09.

這就是我們將要看到的，是你對 2010 年的想法的嵌入數字的一部分，還是我們對 09 年後半期的嵌入數字的一部分。

'10 and beyond.

'10 及以後。

Okay.

好的。

And then lastly since I'm the last one.

最後，因為我是最後一個。

Would you be willing to keep incentive fees moderately higher than what the volume would suggest in order to take opportunities to get some greater market share?

您是否願意將激勵費用保持在比建議數量略高的水平，以便抓住機會獲得更大的市場份額？

We deal with each of our clients on a basis that advantages both the client and Visa and that's about all I --

我們與每一位客戶打交道的基礎都是對客戶和 Visa 都有利的，這就是我的全部——

Care to say about that?

介意說一下嗎？

Understood.

明白了。

Fair enough.

很公平。

Thanks.

謝謝。

All right.

好的。

Thank you all very much.

非常感謝大家。

If anybody has follow-up questions, 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。

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。