Visa Inc (V) 2009 Q3 法說會逐字稿

Welcome to Visa, Inc's.

歡迎來到 Visa, Inc.

fiscal third quarter 2009 earnings conference call.

2009 財年第三季度財報電話會議。

All participants are in a listen-only mode until the question-and-answer session.

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

I would 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 Global Investor Relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Visa, Inc's.

下午好，歡迎來到 Visa, Inc's。

fiscal third quarter 2009 earnings conference call.

2009 財年第三季度財報電話會議。

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

今天與我們在一起的是 Visa 董事長兼首席執行官喬·桑德斯（Joe Saunders）； Visa 的首席財務官 Byron Pollitt。

This call is currently being webcast over the Internet.

該電話目前正在互聯網上進行網絡廣播。

It can be accessed on the investor relations section of our website at www.investor.Visa.com.

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

A PowerPoint 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 PowerPoint 幻燈片。

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 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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

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

Additional information concerning those factors is available in the Company's filings with the SEC which can be accessed through the SEC's website and the 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，這些文件可通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

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

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息、相關 GAAP 措施以及 SEC 法規 G 要求的其他信息，請參閱我們第三財季財報新聞稿隨附的財務和統計摘要。

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

也可以通過我們網站的投資者關係部分訪問此新聞稿。

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

有了這個，我會把電話轉給喬。

Thanks, Jack, and thank you all for joining us.

謝謝，傑克，謝謝大家加入我們。

To begin I'm pleased to report that our fiscal third-quarter results were once again consistent with the guidance and expectation we've provided during our second-quarter earnings call.

首先，我很高興地報告，我們的第三財季業績再次與我們在第二季度財報電話會議上提供的指導和預期一致。

Despite the ongoing challenges in the economy, Visa delivered a solid operational and financial performance as we continued to benefit from our diverse product set, our ongoing commitment to expense management, and, of course, the underlying worldwide secular shift from cash and checks to electronic forms of payment.

儘管經濟面臨持續挑戰，Visa 仍提供穩健的運營和財務業績，因為我們繼續受益於我們多樣化的產品組合、我們對費用管理的持續承諾，當然還有全球從現金和支票到電子的潛在長期轉變付款方式。

Earnings for the third quarter on an adjusted basis were $0.98 per diluted share and were positively impacted by the sale of our 10% equity ownership in VisaNet Brazil.

調整後的第三季度收益為每股攤薄收益 0.98 美元，並受到出售我們在 VisaNet Brazil 的 10% 股權的積極影響。

On an adjusted pro forma basis that excludes this gain, Visa earned $0.67 per diluted share, a 14% increase over the year-ago period.

在不包括這一收益的調整後備考基礎上，Visa 每股攤薄收益為 0.67 美元，比去年同期增長 14%。

This puts us on target toward meeting our full-year adjusted EPS guidance of better than 20% growth.

這使我們朝著實現全年調整後每股收益增長超過 20% 的目標邁進。

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

我們第三季度的淨營業收入超過 16 億美元。

A modest increase over the year-ago period and in line with our previous guidance for low single-digit growth.

與去年同期相比略有增長，符合我們之前對低個位數增長的指導。

Importantly we were able to achieve this result by incurring elevated volume and support incentives which were due to the successful re-signing of numerous clients during the quarter, a situation we do not expect to repeat at these levels.

重要的是，我們能夠通過增加數量和支持激勵來實現這一結果，這是由於本季度眾多客戶成功重新簽約，我們預計這種情況不會在這些水平上重複。

Our adjusted operating margin was 51% for the quarter, as we continued to benefit from our ongoing efficiency drive.

我們本季度調整後的營業利潤率為 51%，因為我們繼續受益於我們持續的效率提升。

Finally, adjusted third-quarter net income was $744 million, absent the gain from the VisaNet Brazil sale, it was $507 million, an 11% increase over the year-ago period.

最後，調整後的第三季度淨收入為 7.44 億美元，不包括 VisaNet 巴西銷售的收益，為 5.07 億美元，比去年同期增長 11%。

Our fiscal quarter picked up pretty much where we left off in the second quarter.

我們的財政季度幾乎在我們第二季度停止的地方有所回升。

We've seen no signs that a sustained turnaround in the US is occurring.

我們沒有看到任何跡象表明美國正在出現持續好轉。

There are, however, positive incremental exceptions which speak to the resiliency of Visa's business model and the value Visa offers around the globe.

然而，有一些積極的增量例外說明了 Visa 商業模式的彈性以及 Visa 在全球範圍內提供的價值。

US payment volume growth declined to a 3% negative rate in the quarter.

本季度美國支付量增長率下降至 3% 的負增長率。

We continue to be encouraged that since the beginning of the calendar year, payment volume growth has remained in a relatively tight range around a negative 2% to 4%.

我們繼續感到鼓舞的是，自日曆年初以來，支付量增長一直保持在一個相對狹窄的範圍內，約為負 2% 至 4%。

Of note in the US, the more than 30% decline in the year-over-year price of gasoline continues to make for difficult year-over-year comparables.

值得注意的是，在美國，汽油價格同比下降 30% 以上繼續導致難以進行同比比較。

Absent this headwind in the latest quarter, we would have seen slightly positive growth.

如果在最近一個季度沒有這種逆風，我們會看到小幅正增長。

However, we still expect this headwind to abate as we move into the first quarter of our fiscal 2010.

然而，隨著我們進入 2010 財年第一季度，我們仍然預計這種不利因素會減弱。

On the other hand, in spite of the global nature of the recession, aggregate payment volume growth in our international regions which is primarily driven by credit was positive on a constant currency basis in the March quarter and has remained positive in the high single digits through the end of June, albeit at a lower level than earlier in the year.

另一方面，儘管經濟衰退是全球性的，但主要由信貸驅動的國際地區的總支付量增長在 3 月季度按固定匯率計算為正數，並一直保持高個位數的正數增長。 6 月底，儘管水平低於今年早些時候。

Total transactions generating data processing fees were $10.3 billion for the June quarter an 8% increase over the prior-year period as the migration to electronic payment continues on a global basis.

隨著全球繼續向電子支付遷移，6 月季度產生數據處理費用的交易總額為 103 億美元，比去年同期增長 8%。

As I did last quarter, let me underscore and reiterate several important themes you should take away from our most recent quarter in this call.

就像我上個季度所做的那樣，讓我強調並重申您應該從本次電話會議的最近一個季度中汲取的幾個重要主題。

Our financial performance in fiscal 2009 continues to unfold consistent with our expectations and more importantly, it reflects the appropriate funding of all of our growth initiatives.

我們在 2009 財年的財務表現繼續符合我們的預期，更重要的是，它反映了我們所有增長計劃的適當資金。

We believe that we are planting the right seeds in making the proper investments in the business to come out of this recession in an even stronger position than we entered it.

我們相信，我們正在播下正確的種子，以便對業務進行適當的投資，以比我們進入時更強大的地位擺脫這場衰退。

Our business model while not unaffected has proven resilient in the face of today's economic challenges.

事實證明，我們的商業模式雖然不受影響，但在面對當今的經濟挑戰時具有彈性。

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

借記卡帶動的轉型增長持續有增無減，部分原因是現金從支票到電子支付方式的長期轉變。

Visa is also driving this global ship in spending behavior through its reliability and accessibility, product innovation, expansion of payment categories, and focused global advertising that boosts consumers to want to transact at the point of the sale with Visa products.

Visa 還通過其可靠性和可訪問性、產品創新、支付類別的擴展以及促進消費者在銷售點使用 Visa 產品進行交易的集中全球廣告來推動這艘全球消費行為。

In fact, the early results from our "Go" campaign first rolled out in April of this year are exceeding our initial expectations in terms of increased consumer awareness and brand linkage, providing a level of optimism that the campaign is contributing to our strong debit transaction growth.

事實上，我們於今年 4 月首次推出的“Go”活動的早期結果在提高消費者意識和品牌聯繫方面超出了我們最初的預期，表明該活動正在為我們強勁的借記交易做出貢獻。生長。

On the positive side, based on current trends, we are now anticipating a slightly better fiscal fourth quarter.

從積極的方面來看，根據目前的趨勢，我們現在預計第四財季會稍微好一些。

We believe that the low single digit expectation we previously guided to is more likely to be in the mid-single digit range.

我們認為，我們之前引導的低個位數預期更有可能在中個位數範圍內。

This leaves us quite confident in achieving the high single digit revenue range for all of fiscal 2009.

這讓我們對在 2009 財年實現高個位數的收入範圍充滿信心。

Looking ahead to fiscal 2010, we continue to believe that we can regain our 11% to 15% annual net revenue growth target based on the assumptions we shared with you last quarter.

展望 2010 財年，我們仍然相信，根據我們上個季度與您分享的假設，我們可以重新獲得 11% 至 15% 的年度淨收入增長目標。

The more favorable year-over-year comparison on gas prices and foreign exchange rates and the start of some recovery in the US economy and cross border volumes by early 2010.

2010 年初，天然氣價格和外匯匯率的同比比較更加有利，美國經濟和跨境交易量開始出現一些復甦。

We also continue to believe that we are able to achieve our adjusted earnings per share and adjusted operating margin targets even if the revenue growth is somewhat below the guidance range.

我們還繼續相信，即使收入增長略低於指導範圍，我們也能夠實現調整後的每股收益和調整後的營業利潤率目標。

Now let me touch on some of the recent successes we've had on the client front.

現在讓我談談我們最近在客戶方面取得的一些成功。

As we discussed with you for several quarters now, consolidations in the banking industry have changed the landscape and market share of many of our largest customers.

正如我們幾個季度以來與您討論的那樣，銀行業的整合已經改變了我們許多最大客戶的格局和市場份額。

Given the strength of our client relationships and our products, we anticipated being a net beneficiary of this consolidation, and I can now say with certainty that we have delivered on that expectation.

鑑於我們的客戶關係和產品的實力，我們預計將成為此次整合的淨受益者，我現在可以肯定地說，我們已經實現了這一預期。

In our third fiscal quarter, we re-signed a significant number of long-term contracts.

在我們的第三財季，我們重新簽署了大量長期合同。

11 of which collectively account for 26% of our global volume and 34% of our US volume.

其中 11 家合計占我們全球銷量的 26% 和美國銷量的 34%。

Some of these contracts were accelerated renewals and were precipitated by bank consolidation.

其中一些合同是加速續約，是由銀行合併促成的。

With these signings, we now have no major contracts up for renewal in the next two years and have over 75% of our worldwide payment volume under contract.

有了這些簽約，我們現在在未來兩年內沒有需要續籤的重大合同，並且有超過 75% 的全球支付量在合同中。

We are obviously pleased about our long-term prospects and are well positioned to execute on our business objectives under various economic scenarios.

我們顯然對我們的長期前景感到高興，並有能力在各種經濟情景下執行我們的業務目標。

We are especially grateful for our clients, for their support,and I am personally grateful to our customer sales and support teams around the world for their hard work.

我們特別感謝我們的客戶，感謝他們的支持，我個人也感謝我們在世界各地的客戶銷售和支持團隊的辛勤工作。

And finally, with respect to our client facing teams, earlier this week I announced a new streamlined management structure to achieve greater alignment between our sales, customer support, marketing, and product development functions.

最後，關於我們面向客戶的團隊，本週早些時候我宣布了一個新的精簡管理結構，以實現我們的銷售、客戶支持、營銷和產品開發職能之間的更大協調。

By integrating these business units under a single leader, we expect to speed decision making and increase responsiveness to clients and be better positioned to monitor strategic investment opportunities.

通過將這些業務部門整合到一個領導者之下，我們希望加快決策速度並提高對客戶的響應速度，並更好地監控戰略投資機會。

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

有了這個，讓我把電話轉給拜倫，他將帶你了解我們財務業績的細節。

Thank you, Joe.

謝謝你，喬。

As is now our custom, let me begin with the financial highlights of our fiscal third quarter, and then I'll touch on trends we are seeing for the quarter ending in June, as well as some early results for July.

按照我們現在的慣例，讓我從第三財季的財務亮點開始，然後我將談到我們看到的截至 6 月的季度的趨勢，以及 7 月的一些早期結果。

As Joe previously mentioned, it was a solid fiscal third quarter with strong revenue and earnings growth in line with our guidance in spite of higher than anticipated rebates and incentives.

正如喬之前提到的，儘管回扣和激勵措施高於預期，但第三財季業績穩健，收入和盈利增長強勁，符合我們的預期。

And of course, we benefited from the sale of our equity interest in Visa Net Brazil.

當然，我們從出售 Visa Net Brazil 的股權中受益。

Total (inaudible) volume growth for Visa, Inc.

Visa, Inc. 的總（聽不清）銷量增長

through the end of March, 2009 in nominal dollars was a negative 5% over the same quarter in 2008.

截至 2009 年 3 月底，名義美元比 2008 年同期下降了 5%。

On a constant dollar basis, however, volume grew 2%.

然而，按固定美元計算，交易量增長了 2%。

In the US, payment volumes in the March-ending quarter declined to a negative 3% with debit delivering a solid 5% growth while credit growth was a negative 10%.

在美國，3 月底季度的支付量下降至負 3%，借方實現了 5% 的穩健增長，而信貸增長為負 10%。

Proportionally, debit payment volume continued to account for a greater percentage of total US volume, although credit still remains the payment vehicle of choice in the rest of our regions.

從比例上看，借方支付量繼續占美國總交易量的更大比例，儘管信貸仍然是我們其他地區的首選支付工具。

On a constant dollar basis, rest of world payment volume grew at 10% in the March-ending quarter, moderating from the 14% growth exhibited in the December quarter, but still solidly positive.

按固定美元計算，世界其他地區的支付量在 3 月底季度增長了 10%，低於 12 月季度的 14% 增長，但仍為正值。

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。

Cross border volume growth first turned negative in the March-ending quarter, posting a 6% decline on a constant dollar basis.

跨境交易量增長在 3 月底的季度首次轉為負值，按固定美元計算下降 6%。

Through the end of the June quarter, the rate of decline moderated and ended the period at a negative 8% growth rate.

到 6 月季度末，下降速度有所放緩，並以 8% 的負增長率結束了這一時期。

As in prior quarters, the slowdown was broad based.

與前幾個季度一樣，放緩是廣泛的。

Transactions processed over Visa's network which are reported on a real-time basis totaled $10.3 billion in the fiscal third quarter, an increase of 8% over the similar period a year ago, and an increase from the 6% growth we saw in the previous quarter.

在第三財季實時報告的通過 Visa 網絡處理的交易總額為 103 億美元，比去年同期增長 8%，高於我們在上一季度看到的 6% 的增長.

Also, revenues from processed transactions, which currently generate approximately 30% of our gross revenue, continued to post solid growth as the underlying secular shift to Visa electronic payments continues.

此外，隨著向 Visa 電子支付的潛在長期轉變仍在繼續，來自已處理交易的收入（目前約占我們總收入的 30%）繼續實現穩健增長。

We also saw little variance in average ticket sizes which are down 10% from the prior year period, but on a sequential quarter basis appear to have leveled off.

我們還發現平均門票規模幾乎沒有變化，比去年同期下降了 10%，但在連續季度的基礎上似乎已經趨於平穩。

Turning to the income statement.

轉向損益表。

In the fiscal third quarter, gross revenues of $2 billion were up 5% from the similar period in 2008.

第三財季總收入為 20 億美元，較 2008 年同期增長 5%。

As Joe previously mentioned, volume and support incentives were elevated during the quarter due to the renewals of key customer contracts, several of which were accelerated due to bank consolidation.

正如喬之前提到的，由於關鍵客戶合同的續簽，本季度的數量和支持激勵措施有所提高，其中一些合同由於銀行合併而加速。

All told, volume and support incentives increased on a year-over-year basis by $70 million to $344 million, representing 17% of gross revenue in the period and 15% of gross revenue year to date.

總而言之，數量和支持獎勵同比增長 7000 萬美元，達到 3.44 億美元，占同期總收入的 17% 和年初至今的總收入的 15%。

Given these results, we are updating our full-year expectation for volume and support incentives to be at the high end of our 14% to 16% range.

鑑於這些結果，我們正在更新我們對數量和支持激勵措施的全年預期，使其處於我們 14% 至 16% 範圍的高端。

We will provide our outlook for 2010 in our fourth-quarter earnings call.

我們將在第四季度財報電話會議中提供我們對 2010 年的展望。

Net operating revenues were just over $1.6 billion, a 2% increase over the operating revenues recorded for the third fiscal quarter of 2008 and in line with the revenue guidance we provided last quarter.

淨營業收入略高於 16 億美元，比 2008 年第三財季的營業收入增長 2%，與我們上一季度提供的收入指導一致。

Moving to the individual revenue line items, service revenue was $769 million, up 3% over the prior year period, and reflective of still moderating year-over-year payment volumes in all regions for the quarter ending March.

轉向單個收入項目，服務收入為 7.69 億美元，比去年同期增長 3%，反映出截至 3 月的季度所有地區的同比支付量仍在放緩。

Data processing revenue recorded on a current basis was $605 million, up 12% over the prior year period as process transactions continued to post solid growth in the quarter.

當前記錄的數據處理收入為 6.05 億美元，比去年同期增長 12%，因為該季度的處理交易繼續實現穩健增長。

International transaction revenues also reported on a current quarter basis, were up 2% to $458 million as moderating cross border volumes in the period were offset by some regional strategic pricing modifications.

本季度的國際交易收入也報告了 2% 至 4.58 億美元，因為該期間的跨境交易量放緩被一些區域戰略定價修改所抵消。

Our adjusted operating margin was 51% in line with our low 50s margin guidance for all of 2009.

我們調整後的營業利潤率為 51%，符合我們 2009 年全年 50 年代的低利潤率指導。

I'll provide additional color on our future margin expectation in a moment.

我稍後會為我們未來的利潤率預期提供額外的顏色。

On an adjusted basis, operating expenses for the third quarter declined $79 million or 9% year over year, driven by lower costs in personnel, marketing, and professional fees.

在調整後的基礎上，由於人員、營銷和專業費用的成本降低，第三季度的運營費用同比下降了 7900 萬美元或 9%。

Our focus on expense reduction continues to be broad based and driven by merger-related efficiencies.

我們對減少開支的關注繼續廣泛，並受到與合併相關的效率的推動。

As expected, there was an uptick in marketing spend in the quarter on a sequential basis, and we expect to see a similar step-up in the fourth fiscal quarter.

正如預期的那樣，本季度的營銷支出環比上升，我們預計第四財季也會出現類似的增長。

Capital expenditures were $69 million in the quarter and included spend on our new data center which will be completely on line by the end of our fiscal year.

本季度的資本支出為 6900 萬美元，其中包括在我們的新數據中心上的支出，該數據中心將在我們的財政年度結束時完全上線。

With year to date capital expenditures running a little above $200 million, we now foresee full-year capital expenditures at around $300 million.

年初至今的資本支出略高於 2 億美元，我們現在預計全年資本支出約為 3 億美元。

Moving on to the balance sheet.

轉到資產負債表。

We ended the third quarter in excellent shape with negligible debt and cash, cash equivalents, investments, and restricted cash of $6.1 billion.

我們在第三季度結束時表現出色，債務和現金、現金等價物、投資和 61 億美元的受限現金微不足道。

Of this total, $1.6 billion is restricted cash, which represents amounts sufficient to fully pay out the American Express and Discover settlement.

其中，16 億美元是受限現金，足以支付美國運通和 Discover 的和解。

It also includes approximately $300 million that is currently uncommitted which was increased to just over $1 billion on the 16th of July in accordance with our previously announced litigation escrow funding event.

它還包括目前未承諾的大約 3 億美元，根據我們之前宣布的訴訟託管資金活動，在 7 月 16 日增加到剛剛超過 10 億美元。

As we did last December, this funding was simply another way of buying back our stock while providing the added benefit of reducing the eventual B-class overhang when the shares were ultimately unlocked.

正如我們去年 12 月所做的那樣，這筆資金只是回購我們股票的另一種方式，同時提供了額外的好處，即在股票最終解鎖時減少最終的 B 級過剩。

This latest repurchase will reduce our period-end outstanding share count by 11.6 million shares for the fiscal fourth quarter ending September.

這次最新的回購將使我們在截至 9 月的第四財季期末流通股數量減少 1160 萬股。

On July 1, we began the process of unlocking up to 30% of the outstanding class B share holdings which will help alleviate some of the share overhang as we approach the ultimate unlock date of March 25, 2011.

7 月 1 日，我們開始解鎖高達 30% 的已發行 B 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。

Through this point in July, we have already had approximately 41% of the potentially available shares requested to be unlocked.

到 7 月的這個時候，我們已經有大約 41% 的潛在可用股票要求解鎖。

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

現在讓我評論一下我們所看到的將影響我們 2009 財年最後一個季度業績的趨勢。

Specifically here in the US, payment volume growth improved slightly from a negative 3% growth rate in the March quarter to a negative 2% growth in the June-ending quarter.

特別是在美國，支付量增長從 3 月份季度的 3% 負增長略微改善到 6 月底季度的 2% 負增長。

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，本期信貸量增長為負 10%，而藉方量增長繼續為正值，增長 5%。

More recently, through the 26th of July, aggregate US payment volume growth was a negative 3%.

最近，截至 7 月 26 日，美國的總支付量增長為負 3%。

Credit growth continues at a negative 10%, while debit growth is a positive 4% July month to date.

7 月至今，信貸增長繼續為負 10%，而藉方增長為正 4%。

While we still see no signs of a true inflection point, these trends are encouraging.

雖然我們仍然沒有看到真正拐點的跡象，但這些趨勢令人鼓舞。

Furthermore they are consistent with the performance we have seen over the past six months suggesting some level of stability.

此外，它們與我們在過去六個月中看到的表現一致，表明存在一定程度的穩定性。

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

在美國以外的地區，截至 2009 年 6 月的季度，我們預計固定美元支付量增長率將保持穩定，但與 3 月底的水平相比略有下降。

As mentioned earlier, cross-border volumes in constant dollars were down a negative 6% in the March-ending quarter, and in the June quarter have declined to negative 8%.

如前所述，以固定美元計算的跨境交易量在 3 月底季度下降了負 6%，在 6 月季度下降至負 8%。

Month to date in July, the rate of decline has improved slightly to a negative 7%.

7 月至今，下降率略有改善至負 7%。

More importantly, the velocity of the downturn has slowed, which is encouraging, but it is still too early to call an inflection point.

更重要的是，經濟下滑的速度已經放緩，這是令人鼓舞的，但現在說拐點還為時過早。

Process transaction growth ended the June period at 8%, while month toy to date in July it has increased to 9%.

流程交易增長在 6 月份結束時為 8%，而在 7 月份迄今為止，它已增加到 9%。

This metric continues to be a testament to the strength and resilience of debit as a greater percentage of process transactions are debit based.

該指標繼續證明借記的強度和彈性，因為更大比例的流程交易是基於借記的。

Now let me comment on what we see over the coming quarter as far as operating performance is concerned and how it affects our guidance.

現在讓我評論一下我們在下一季度看到的運營業績以及它如何影響我們的指導。

Based on our fiscal third quarter results and improved fourth-quarter outlook, we now believe fourth-quarter revenue growth is more likely to be in the mid-single digit range, and we are confident in delivering net revenue growth in the high single digits for 2009.

根據我們第三財季的業績和第四季度前景的改善，我們現在認為第四季度收入增長更有可能處於中個位數範圍內，我們有信心實現高個位數的淨收入增長2009 年。

And as Joe mentioned, this outlook encompasses a continued negative foreign exchange impact which on a year-over-year basis impacted revenue growth by about 5 percentage points in the third quarter and will likely be in the 4% to 5% range in the fourth quarter.

正如喬所提到的，這一前景包括持續的負面外匯影響，與去年同期相比，第三季度的收入增長影響了約 5 個百分點，第四季度可能在 4% 至 5% 的範圍內四分之一。

Given the strong adjusted operating margin exhibited this quarter and our current outlook for 2010, we are adjusting up our 2010 guidance to the low 50% range from the prior range of high 40's to low 50's.

鑑於本季度表現出的強勁調整後營業利潤率和我們目前對 2010 年的展望，我們正在將 2010 年的指引從之前的 40 年代高點到 50 年代低點的區間上調至 50% 的低位區間。

Given the uncertain economy, it is always possible that we could see a quarter where the margin dips below 50%, but on a fiscal year basis we are comfortable with the low 50's.

鑑於經濟的不確定性，我們總是有可能看到一個季度的利潤率跌至 50% 以下，但在財政年度的基礎上，我們對 50 的低點感到滿意。

Finally, and most importantly as Joe said, we remain on track to deliver 2009 adjusted earning per share growth of greater than 20%.

最後，正如喬所說，最重要的是，我們仍有望實現 2009 年調整後每股收益增長超過 20%。

And looking to fiscal 2010, we remain unchanged in our view that given a scenario that includes some recovery in the US 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.

展望 2010 財年，我們的觀點保持不變，即在美國經濟和跨境旅行出現一些復甦的情況下，再加上天然氣價格和外匯匯率的更有利比較，我們預計每人的收益將超過 20%。分享成長。

Of course, we are excluding the Visa Net Brazil gain in this calculation, which won't be replicated in 2010.

當然，我們在此計算中不包括 Visa Net Brazil 的收益，該收益不會在 2010 年重複。

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

我的評論到此結束，所以我將把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

Let me conclude with a review of some of the newer initiatives we're involved in.

最後，讓我回顧一下我們參與的一些新舉措。

Earlier today we jointly announced with US Bank the creation of a joint venture at Syncada which will provide a global electronic business-to-business global supply chain network.

今天早些時候，我們與美國銀行聯合宣佈在 Syncada 成立一家合資企業，該合資企業將提供全球電子企業對企業的全球供應鍊網絡。

The joint venture expands our commercial product offerings and increases our participation in the B-to-B payment space as we continue to add services that deliver value to our institution clients around the world.

隨著我們繼續增加為全球機構客戶創造價值的服務，該合資企業擴大了我們的商業產品供應並增加了我們在 B2B 支付領域的參與度。

Also, at the end of June, we previously announced that we had entered into a strategic alliance and would be taking an equity stake and monetize the United Kingdom-based leader in the mobile financial services.

此外，在 6 月底，我們之前宣布我們已經建立戰略聯盟，並將持有這家總部位於英國的移動金融服務領導者的股權並將其貨幣化。

This provides us with the development partner for our comprehensive suite of mobile services and highlights the fact that we are making the proper investments in technologies that we believe will be relevant to the future of electronic payments.

這為我們提供了全面的移動服務套件的開發合作夥伴，並凸顯了我們正在對我們認為與電子支付的未來相關的技術進行適當投資的事實。

These types of strategic alliances and investments coupled with the numerous partnerships, pilots, and commercialized programs that we are running around the globe today will ensure that Visa and Visa Net remain the electronic payment system of choice for issuers, businesses, governments, and consumers the world over.

這些類型的戰略聯盟和投資，再加上我們今天在全球範圍內運行的眾多合作夥伴關係、試點和商業化計劃，將確保 Visa 和 Visa Net 仍然是發行人、企業、政府和消費者的首選電子支付系統。世界各地。

We also continue to make very nice headway in the prepaid space, not only here in the US but in a number of regions globally.

我們還在預付費領域繼續取得很好的進展，不僅在美國，而且在全球許多地區。

Prepaid, which is a natural extension of our already successful debit presence is a business that we have been in for quite some time in the US, and in which we are seeing enormous opportunity in internationally.

預付是我們已經成功的借記卡業務的自然延伸，是我們在美國從事相當長一段時間的業務，我們在國際上看到了巨大的機會。

Domestically, we currently run 66 different programs with 38 states for government disbursements.

在國內，我們目前在 38 個州開展 66 個不同的項目，用於政府撥款。

In the healthcare arena, 7 of the top 10 insurance companies offer Visa spending account cards.

在醫療保健領域，前 10 名保險公司中有 7 家提供 Visa 消費賬戶卡。

Other important categories in which we are active and have been quite successful include gift cards, general purpose reloadable cards, and payroll programs to name a few.

我們活躍並取得相當成功的其他重要類別包括禮品卡、通用可充值卡和薪資計劃等等。

In the US, we believe this is a $1 trillion potential market while globally it could be as high as $3 trillion.

在美國，我們認為這是一個 1 萬億美元的潛在市場，而在全球範圍內它可能高達 3 萬億美元。

Stacked up against worldwide Visa payment volumes for the 12 months through March of $2.7 trillion, it's easy to see that even a nominal penetration of this market could be needle moving for us.

與截至 3 月的 12 個月內 2.7 萬億美元的全球 Visa 支付額相比，很容易看出，即使是這個市場的名義滲透率也可能對我們產生影響。

The largest opportunity globally is penetrating the underbanked segment with general purpose reloadable cards.

全球最大的機會是通過通用可充值卡滲透銀行不足的部分。

The underbanked includes both the underserved, for those who don't have access to mainstream financial services, and those that choose for a wide variety of reasons alternative financial services.

銀行服務不足的人既包括服務不足的人，也包括那些無法獲得主流金融服務的人，以及出於各種原因選擇替代金融服務的人。

In the US, about $80 million individuals fall into the underbanked category.

在美國，大約 8000 萬美元的個人屬於銀行存款不足的類別。

Globally, the underbanked may be a majority of consumers.

在全球範圍內，缺乏銀行賬戶的人可能是大多數消費者。

Our success in debit in the US should provide key advantages as we further penetrate the prepaid space.

隨著我們進一步滲透預付領域，我們在美國借記卡業務的成功應提供關鍵優勢。

Lastly, we continue to make progress on enhancing our already dominant presence on the Internet.

最後，我們繼續在增強我們在互聯網上的主導地位方面取得進展。

While we have a commanding 44% (Company corrected after the conference call) payments volume share on the Internet, our ultimate goal is for an ever increasing number of consumers to recognize that the fastest, safest be and easiest way to transact on line is with a Visa-branded product.

雖然我們在互聯網上的支付量份額高達 44%（公司在電話會議後更正），但我們的最終目標是讓越來越多的消費者認識到，最快、最安全和最簡單的在線交易方式是Visa品牌的產品。

To that end, among other upgrades we are on the cusp of rolling out an enhanced consumer platform that will ultimately assist Internet shoppers in three ways.

為此，在其他升級中，我們即將推出一個增強型消費者平台，最終將以三種方式幫助互聯網購物者。

First, pre-purchase activities like a best-priced search capability.

首先，預購活動，例如最優惠的搜索功能。

Second, checkout activities like aliasing and auto form fill.

其次，結帳活動，如別名和自動表單填寫。

And third, post-purchase capabilities like tracking and shipping.

第三，跟踪和運輸等售後功能。

We'll have more to say about this in the coming months and look forward to updating you further on our next quarter's call.

在接下來的幾個月裡，我們將對此有更多話要說，並期待在我們下一季度的電話會議上進一步更新您。

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？

(Operator Instructions).

（操作員說明）。

Your first question comes from Tien-Tsin Huang, JPMorgan.

您的第一個問題來自摩根大通的 Tien-Tsin Huang。

Your line is open.

你的線路是開放的。

Hi.

你好。

Thanks.

謝謝。

Great results.

偉大的結果。

Actually I was hoping to ask two questions.

其實我是想問兩個問題。

One business and one high-level question.

一個業務和一個高級問題。

Just first on the incentives, good news on re-signings.

首先是關於激勵措施，關於重新簽約的好消息。

Couple of questions here.

這裡有幾個問題。

Any surprises here in term of the demands that you're getting from the banks?

就您從銀行獲得的要求而言，這裡有什麼意外嗎？

Up-front payments or ongoing payments, et cetera?

預付款還是持續付款等？

Then secondly, I know you're not going to give us guidance here until fiscal '10, but directionally can we assume that we'll see some relief in rebates in fiscal '10 in relation to fiscal '09, Byron, given the acceleration and the renewals?

其次，我知道你不會在 10 財年之前給我們提供指導，但是我們可以假設我們會在 10 財年看到相對於 09 財年的回扣有所緩解，拜倫，考慮到加速和續約？

Well, this is Joe Saunders.

嗯，這是喬·桑德斯。

I think that it's clear that we've achieved the objectives that we set out to achieve.

我認為很明顯我們已經實現了我們設定的目標。

I think we've done it well within the parameters of our expectations.

我認為我們在預期範圍內做得很好。

I think that the transactions that we've consummated have been good both for our clients and for ourselves.

我認為我們完成的交易對我們的客戶和我們自己都有好處。

We said in the script that there was a somewhat elevated level of incentives this quarter as a result of that that we would expect to continue.

我們在腳本中說，本季度的激勵水平有所提高，因此我們預計會繼續這樣做。

So I -- I think that everything that is going to happen in 2010 is pretty well embraced in the reaffirmation of our guidance that we made earlier in the call.

因此，我認為 2010 年將發生的一切都很好地體現在我們在電話會議早些時候做出的指導方針的重申中。

And I would just add that the incentive levels going forward will be -- should be more a function of the growth rates in the client portfolios which are directly linked to the level of incentives we report.

我只想補充一點，未來的激勵水平應該更多地取決於客戶投資組合的增長率，這與我們報告的激勵水平直接相關。

Okay.

好的。

Got it.

知道了。

I think it's a good outcome for sure.

我認為這肯定是一個很好的結果。

Joe, just wanted to ask obviously a lot of focus out there on the regulatory risk, specifically, around interchange and the possibility some reductions there.

喬，顯然只是想問很多關注監管風險，特別是圍繞交換和那裡的一些減少的可能性。

I'm not suggesting that anything's going to happen, but just wanted to ask under a hypothetical scenario where interchange is regulated and let's say it's cut in a meaningful way, what kind of impact would that have on Visa?

我並不是說會發生任何事情，只是想問一下，在交換受到監管的假設情況下，假設它以一種有意義的方式被削減，這會對 Visa 產生什麼樣的影響？

Specifically, would you expect your fees to indirectly come under some pressure as well, and also what kind of impact could it have on volumes and the whole idea of the secular growth of car-based payments?

具體來說，您是否預計您的費用也會間接受到一些壓力，以及它會對交易量和汽車支付長期增長的整體理念產生什麼樣的影響？

Would that have some influence on that, as well?

這也會對此產生一些影響嗎？

We obviously get that question quite a bit from investors.

我們顯然從投資者那裡得到了很多這個問題。

Well, first of all, I don't think that the situation that you describe is going to happen.

嗯，首先，我不認為你描述的情況會發生。

We're confident that the legislators and regulators understand that interchange is a pro-competitive structure, that it exists in every payment system around the globe and where there has been governmental intervention, that the consumer is the one that has suffered.

我們相信，立法者和監管機構明白，交換是一種有利於競爭的結構，它存在於全球每個支付系統中，並且在政府乾預的情況下，消費者是受害的一方。

I think that it's also pretty obvious that merchants get for a fairly reasonable cost, they get tremendous value.

我認為很明顯，商家以相當合理的成本獲得，他們獲得了巨大的價值。

That they get guaranteed payments, they get increased speed, they get better security, they get ticketless just to name a few.

他們獲得有保證的付款，他們獲得了更快的速度，他們獲得了更好的安全性，他們獲得了免票，僅舉幾例。

And our discussions in Washington, DC, suggest that the legislators now appreciate that there would probably be a significant negative, unintended consequence from any congressional action on interchange.

我們在華盛頓特區的討論表明，立法者現在意識到國會對交換採取的任何行動都可能產生重大的負面、意想不到的後果。

That being said, there are actions that could occur in interchange which I do not believe would substantially affect us as it relates to our guidance or our notion of where Visa is going in the future.

話雖如此，但我認為交換中可能發生的某些行為不會對我們產生重大影響，因為它與我們的指導或我們對 Visa 未來發展方向的概念有關。

I suppose that if they eliminated interchange, which no one has ever even come close to suggesting in any scenario that it would certainly create a reluctance by financial institutions to support electronic transactions to the extent that they do today.

我想，如果他們取消了交換，在任何情況下都沒有人敢說它肯定會導致金融機構不願像今天那樣支持電子交易。

But our biggest risk to the extent that there is a risk lies in the diminution of volume.

但我們最大的風險在於交易量的減少。

I mean, if our volume were to go down, then obviously our -- our revenues would go down.

我的意思是，如果我們的銷量下降，那麼顯然我們的收入就會下降。

But once again, I mean, I don't think that this will happen.

但再一次，我的意思是，我認為這不會發生。

Secondly, you're talking about the United States and our volume is growing more outside of the United States than within the United States right now.

其次，你說的是美國，我們現在在美國以外的交易量比在美國國內增長得更多。

So there's a whole number of factors that you'd have to get your arms around.

因此，您必須考慮很多因素。

And I think in the end you'd feel pretty good about Visa and Visa's prospects.

而且我認為最終您會對 Visa 和 Visa 的前景感到非常滿意。

Very good.

很好。

Thanks for that, Joe.

謝謝你，喬。

Yes.

是的。

The next question comes from Bruce Harting with Barclays.

下一個問題來自巴克萊銀行的 Bruce Harting。

Your line is open.

你的線路是開放的。

Do you still feel as strongly as you did in the previous quarter conference call about the dollar, the currency impact and the gas price impact, and when you project the increase from this year to next year in terms of revenue growth and you mentioned that this year you still expect to achieve high single-digit -- despite 500 basis points of currency impact, is the key assumption that the currency impact goes away completely next year and you get a tailwind?

您是否仍然像在上一季度電話會議上對美元、貨幣影響和汽油價格影響以及當您預測今年到明年的收入增長增長時一樣強烈，您提到這一年你仍然期望實現高個位數——儘管貨幣影響有 500 個基點，關鍵假設是明年貨幣影響完全消失，你會得到順風嗎？

Joe, let me respond to that.

喬，讓我回應一下。

So we do have a good measurement of this impact, and just to repeat, we feel that it was 500 basis points impact this quarter, this just completed quarter.

因此，我們確實對這種影響進行了很好的衡量，並且重複一遍，我們認為本季度的影響是 500 個基點，這個剛剛完成的季度。

We estimate 400 to 500 basis points.

我們估計 400 到 500 個基點。

We hedged 17 currencies, so -- and we have been hedging on a rolling basis throughout this past year.

因此，我們對 17 種貨幣進行了對沖——而且我們在過去一年中一直在滾動對沖。

So we will -- we are confident that we will be able to bring a level of stability to our -- to FX rates in the coming year, which when compared to the rates that we've experienced this past year give us a high degree of confidence that the headwind that we've experienced this year will be substantially mitigated.

因此，我們將——我們相信我們將能夠在未來一年為我們的——外匯匯率帶來一定程度的穩定性，與我們去年經歷的匯率相比，這給了我們一個高度相信我們今年所經歷的逆風將大大減輕。

Second, with regards to gas prices, the June -- the month of June hit the high point in terms of average price per gas for gallon of gas.

其次，在汽油價格方面，6 月份——6 月份達到了每加侖汽油平均價格的高點。

We're starting by the first quarter, by November, we should have actually in October and November, we are tracking to have a much more favorable comp here with regards to gas prices.

我們從第一季度開始，到 11 月，實際上我們應該在 10 月和 11 月，我們正在跟踪這裡有一個關於汽油價格的更有利的比較。

And all the forecasts with regard to future gas pricing support that.

所有關於未來天然氣定價的預測都支持這一點。

So with regards to our guidance going forward, we're -- on those two factors, we're pretty comfortable.

所以關於我們未來的指導，我們 - 在這兩個因素上，我們很舒服。

Thanks.

謝謝。

And Byron, the numbers you gave for July, you said that, despite the fact that you were still well into negative territory, you feel encouraged.

拜倫，你給出的 7 月份數據，你說，儘管你仍然處於負數領域，但你感到鼓舞。

Is that because you -- you say you're encouraged because unemployment keeps going higher, and yet these numbers seem to be stabilizing despite that?

那是因為你 - 你說你受到鼓舞是因為失業率不斷上升，但儘管如此，這些數字似乎正在穩定下來？

And do you think the issuing banks have done most of the adjusting that they -- the process, A, to the weakening economy and higher unemployment, and B, the legislation, do you think from what you've seen and in terms of looking at your slide on credit cards outstanding, that, where are we in that process by the issuing banks of downsizing the credit card portfolios in favor of perhaps more debit?

你認為發行銀行是否已經完成了大部分的調整——過程，A，對疲軟的經濟和更高的失業率，以及 B，立法，你認為從你所看到的和看起來的角度來看在您關於未償信用卡的幻燈片中，我們在發卡銀行縮減信用卡投資組合以支持可能更多藉記的過程中處於什麼位置？

Let me focus on the first part of your question.

讓我專注於你問題的第一部分。

What's giving us confidence.

是什麼給了我們信心。

And the take here is that we had -- we had guided to low single-digit revenue growth in the third quarter.

這裡的看法是，我們已經引導了第三季度的低個位數收入增長。

We have now moved that up to mid-single-digit guidance in the fourth quarter.

我們現在已將其提高到第四季度的中個位數指導。

What's giving us a little bit more bullish view.

是什麼讓我們更加看好。

First of all, as you recall, our service fees are booked on a one-quarter lag basis, and our service fees directly relate to payment volume that -- and in that regard, the payment volume for the June quarter is substantially known.

首先，您還記得，我們的服務費是按四分之一滯後計入的，我們的服務費與支付量直接相關——在這方面，6 月季度的支付量是眾所周知的。

So 40% of our revenue for the fourth quarter related to service fees is now highly estimable.

因此，我們第四季度與服務費相關的收入中有 40% 現在是高度可估計的。

What we have seen is that payment volume, since the growth rate in payment volume in the US dropped to minus 2, a little better than what we thought, and the rest of the world is holding up a bit better than what we had forecasted.

我們看到的是支付量，因為美國的支付量增長率下降到負2，比我們想像的好一點，世界其他地區的表現也比我們預測的好一點。

That's service fees.

那是服務費。

On cross border what we had noticed is that not knowing what the trajectory was going to be, we made certain assumptions.

在跨境時，我們注意到的是，不知道軌跡會是什麼，我們做了一些假設。

The June quarter, ending quarter went to minus 8.

六月季度，結束季度去了-8。

We had originally forecasted something that was a bit lower than that, and what we're seeing in July with the month of July nearly complete we're at minus 7, so a bit better and then turning to transactions.

我們最初預測的值會比那個低一些，而我們在 7 月份看到的情況是，7 月份幾乎完成，我們處於負 7，所以好一點，然後轉向交易。

If you look at the trajectory in quarter two, we had 6% transaction growth.

如果您查看第二季度的軌跡，我們的交易量增長了 6%。

In quarter three, June-ending quarter, we had plus 8.

在第三季度，即 6 月底的季度，我們有加 8。

With July just about in the record books, we're at plus 9.

七月即將在記錄簿中出現，我們處於加 9。

So when you put those three perspectives together, that's really the impetus for our change in view and why we've moved it from low single digits up to mid-single digits.

因此，當您將這三個觀點放在一起時，這確實是我們改變觀點的動力，也是我們將其從低個位數提高到中個位數的原因。

Yes.

是的。

The only thing I'd add to that is to continue to remember that a lot of our transactional increases are being driven by our debit volume.

我要補充的唯一一件事是繼續記住，我們的許多交易增長都是由我們的借方數量推動的。

Not our credit volume.

不是我們的信用額度。

The credit volume is already off substantially.

信貸量已經大幅下降。

And none of our projections suggest that it is going to come back, come roaring back in any way, shape, or form.

我們的任何預測都沒有表明它會回來，以任何方式、形狀或形式咆哮回來。

And then finally we keep reminding everyone that our international transactions, our international credit volume is growing.

最後我們不斷提醒大家，我們的國際交易，我們的國際信用量正在增長。

Thanks.

謝謝。

Thank you.

謝謝你。

Could -- Byron, were you going to comment on that other -- about the issuing banks or that's it?

能否——拜倫，你打算評論其他的——關於發行銀行還是僅此而已？

That's it.

而已。

Okay.

好的。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

The next question does come from David Hochstim Buckingham Research.

下一個問題確實來自 David Hochstim Buckingham Research。

Joe, could you just provide a little bit more color on the operational/organizational changes that you announced this week and sort of what benefit do you expect to realize in terms of product rollout and interaction with customers?

喬，您能否就您本周宣布的運營/組織變更提供更多色彩，以及您期望在產品推出和與客戶互動方面實現哪些好處？

And what Mr.

還有什麼先生。

Morris will be doing.

莫里斯會做的。

Well, so let me -- let me start off -- to answer the first part of your question, we are -- we're putting the product development function in with the marketing and sales.

好吧，讓我——讓我開始——回答你問題的第一部分，我們是——我們將產品開發功能與營銷和銷售相結合。

And I think it will make the organization more effective.

我認為這將使組織更加有效。

And I think that Hans would definitely agree with that.

我認為漢斯肯定會同意這一點。

As it relates to Hans, Hans has made a substantial contribution to this organization.

因為它與漢斯有關，漢斯為這個組織做出了重大貢獻。

It's really something else when you think about where we started out and where we are now and his contributions to the IPO, his contributions to the relationship with Visa Europe, his contributions to organizing our international organization.

想想我們從哪裡開始，現在在哪裡，他對 IPO 的貢獻，他對與 Visa Europe 關係的貢獻，他對組織我們國際組織的貢獻，這真的是另一回事。

So I'd say that -- I'd say that as time went on, his notion of the succession or how that might go changed somewhat, and that led the conversations about the organization that we've just talked about, that he was fully supportive of.

所以我會這麼說——我會說隨著時間的推移，他對繼任的概念或繼任方式可能會發生一些變化，這導致了我們剛剛談到的關於組織的對話，他是全力支持。

So I think that we both decided that he'd be best served -- he decided that he'd be best served by pursuing some other opportunities.

所以我認為我們都認為他會得到最好的服務——他認為通過尋求其他機會來得到最好的服務。

And so I'm a huge supporter of his, and I'm sure that he'll be quite successful.

所以我是他的大力支持者，我相信他會非常成功。

He is on our payroll until December.

他在我們的工資單上直到 12 月。

He is contributing on a daily basis.

他每天都在貢獻。

He's sitting right here.

他就坐在這裡。

And I see him shaking his head, and I don't see anything--.

我看到他在搖頭，我什麼也沒看到——。

Nodding my head.

點著我的頭。

Nodding my head.

點著我的頭。

He's nodding his head.

他在點頭。

So I -- I'd say that that's what the -- that's what the answer is.

所以我 - 我會說這就是 - 這就是答案。

Okay.

好的。

And in terms of just operations, I mean, is this speed time to market in products or approved customer adoption--?

就運營而言，我的意思是，這種加快產品上市時間或批准客戶採用的時間——？

We have a commitment to our investors that we're going to keep refining our model, and that we're going to continually become a better Company, that we're going to become quicker to market.

我們向投資者承諾，我們將繼續完善我們的模式，我們將不斷成為一家更好的公司，我們將更快地進入市場。

We're going to be a little bit more decisive.

我們會更加果斷一些。

We're going to be very introspective about what we invest in and what we don't invest in.

我們將非常內省我們投資什麼和不投資什麼。

We're going to be looking to the future to make sure that we do things appropriately.

我們將展望未來，以確保我們做事適當。

And that we don't get the rug pulled out from under us two or three years from now.

而且兩三年後我們不會把地毯從我們下面拉出來。

And so I think this is -- we're talking about part of the process here.

所以我認為這是——我們在這裡討論的是流程的一部分。

I mean, this isn't a revolution.

我的意思是，這不是一場革命。

It's part of an evolution.

這是進化的一部分。

And so far, I think it's gone quite well, and I would expect it to continue.

到目前為止，我認為它進展順利，我希望它會繼續下去。

Okay.

好的。

Thank you.

謝謝你。

The next question comes from Julio Quinteros, Goldman Sachs.

下一個問題來自高盛的 Julio Quinteros。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thanks.

謝謝。

Byron, just one point of clarification.

拜倫，只是澄清一點。

Is the guidance for fiscal fourth quarter is that a gross number or a net number for revenues?

第四財季的指導是收入的總數字還是淨數字？

Net revenue growth, mid single digits.

淨收入增長，中個位數。

Got it.

知道了。

Then 400 to 500 basis points of currency drive, correct?

然後是 400 到 500 個基點的貨幣驅動，對嗎？

Correct.

正確的。

Got it.

知道了。

Just in terms of marketing initiatives and spend looking to the World Cup next year, how do we think about how quickly that has to ramp up in terms of spending, or is that spending behind you?

就營銷計劃和明年世界杯的支出而言，我們如何看待在支出方面必須以多快的速度增加，或者這種支出是否落後於你？

Just as a major initiative next year, how do -- how will that ramp through your advertising marketing numbers?

就像明年的一項重大舉措一樣，這將如何影響您的廣告營銷數量？

So to be helpful on this, what we've said in our opening remarks is that there is a -- there was a marketing, a bit of a marketing lift in this quarter, a bit of a marketing lift expected in the fourth quarter.

因此，為了對此有所幫助，我們在開場白中所說的是，有一個營銷，本季度有一點營銷提升，預計第四季度會有一些營銷提升。

But no call out relative to World Cup because we're lapping an Olympic year, and there are natural tradeouts that we make in substitutions as we have premiere events to marquee.

但是沒有關於世界杯的呼籲，因為我們正在為奧運年打球，而且我們有自然的換人，因為我們有首演賽事要舉行。

So no call out on World Cup and you've got some guidance to finish up the year in marketing.

所以不要呼籲世界杯，你有一些指導來完成這一年的營銷。

Got it.

知道了。

Then lastly on the -- if I try to sort of bridge the gap between the volume assumptions that you've already shared with us, the currency, any way to get a sense on what the implied pricing would be ither on the cross border side or on the other side of your business of card services or data processing fees?

最後，如果我試圖彌合您已經與我們分享的數量假設之間的差距，貨幣，任何方式都可以了解跨境方面的隱含定價或者您的卡服務或數據處理費用業務的另一面？

I think what we've said was we're -- we're in the later stages of the more step function-type pricing adjustments.

我認為我們所說的是我們 - 我們處於更多階梯函數類型定價調整的後期階段。

And that this will be a more modest contributor going forward.

並且這將是一個更溫和的貢獻者。

That we'll grow this business the old-fashioned way, which is through payment volume and transaction growth.

我們將以老式的方式發展這項業務，即通過支付量和交易增長。

Great.

偉大的。

Thanks, guys.

多謝你們。

The next question comes from Craig Maurer, Calyon Securities.

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

Your line is open.

你的線路是開放的。

Good evening.

晚上好。

One question about Visa Europe.

關於歐洲簽證的一個問題。

We're hearing through our contacts in Europe that Visa Europe is really playing up the sort of independence card, we're owned by European banks, fur European banks.

我們通過我們在歐洲的聯繫人得知，Visa Europe 確實在打出那種獨立的牌，我們歸歐洲銀行所有，毛皮歐洲銀行。

So we're not associated with the big, bad US companies, so you should sign with us.

所以我們與那些大的、糟糕的美國公司沒有聯繫，所以你應該和我們簽約。

Oh, and by the way, we'll pay for your conversions.

哦，順便說一句，我們會為您的轉化付費。

But the European banks are a little concerned that there is the option to sell themselves back to Visa, Inc.

但歐洲銀行有點擔心可以選擇將自己賣回 Visa, Inc.。

and that that might be coming quickly if they do a conversion.

如果他們進行轉換，那可能很快就會到來。

I was just wondering if there's any additional conversations with Visa Europe regarding them becoming part of Visa, Inc.?

我只是想知道是否與 Visa Europe 就他們成為 Visa, Inc. 的一部分進行了任何額外的對話？

Most of the time when I think about them exercising the put, I think about it because somebody asks me about it.

大多數時候，當我想到他們行使看跌期權時，我會想到它，因為有人問我這個問題。

But other than that, I don't think about it much.

但除此之外，我並沒有多想。

There is nothing in the relationship between ourselves and Visa Europe that would suggest that they're about ready to exercise the put or even thinking about it.

我們與 Visa Europe 之間的關係沒有任何跡象表明他們已經準備好行使看跌期權，甚至正在考慮它。

I think that we're running the Company as Visa, Inc.

我認為我們將公司作為 Visa, Inc. 運營。

which is what we've always intended to.

這是我們一直想要的。

And that's about as far as I can go right now.

這就是我現在所能做的。

Okay.

好的。

If I could just follow up.

如果我能跟進。

Have you seen any traction in your money transfer initiatives?

您是否看到您的匯款計劃有任何吸引力？

As I know the network is capable now of processing money transfers on any Visa card to any terminal.

據我所知，該網絡現在能夠處理任何 Visa 卡上的匯款到任何終端。

We'll be talking a lot more about that when we get into our next quarter call and some of our guidance for the future.

當我們進入下一個季度電話會議以及我們對未來的一些指導時，我們將更多地談論這一點。

I mentioned the prepaid cards which fit into the whole notion of money transfer in a big way.

我提到了預付卡，它在很大程度上符合匯款的整個概念。

It's part of our plans.

這是我們計劃的一部分。

I'm sure you've -- you've seen that we have associated ourselves with Moneygram and Western Union.

我相信你已經 - 你已經看到我們將自己與速匯金和西聯匯款聯繫在一起。

So there are the beginnings of looking at this very carefully and deciding where we want to go, but 'm just not ready to talk about it publicly.

因此，我們開始非常仔細地研究這個問題並決定我們想去哪裡，但我們還沒有準備好公開談論它。

Okay.

好的。

Thanks, Joe.

謝謝，喬。

Yes.

是的。

The next question comes from Dan Perlin, RBC.

下一個問題來自 RBC 的 Dan Perlin。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

I just had a couple quick questions.

我只是有幾個簡單的問題。

The first of which is as you think about growth in some of the emerging markets where you maybe don't have as large a market presence, and notoriety, have you considered acquiring processors or joint ventures with processors in those markets?

首先是當您考慮在一些新興市場中的增長時，您可能沒有那麼大的市場份額和惡名，您是否考慮過在這些市場收購加工商或與加工商建立合資企業？

And would you be open to that?

你會對此持開放態度嗎？

Well, yes.

嗯，是。

Should we expect something in the next couple of quarters?

我們應該在接下來的幾個季度期待什麼嗎？

We've talked about it, we thought about it, and we've looked at it.

我們討論過它，我們思考過它，我們看過它。

Is it something that you would be probably disposed to doing?

這是您可能願意做的事情嗎？

Well, I wouldn't think about it and look at it and talk about it if I wasn't somewhat disposed to doing it.

好吧，如果我不打算這樣做，我就不會考慮它並查看它並談論它。

Okay.

好的。

Let me ask you another question.

讓我再問你一個問題。

Do you think you got to have global consumer credit expansion in order to continue to drive growth there given that such a credit-focused rest of world, or can you continue to kind of penetrate debit in those markets using some of your tricks from the US?

鑑於世界其他地區如此以信貸為中心，你認為你是否必須進行全球消費信貸擴張才能繼續推動那裡的增長，或者你能否繼續利用你在美國的一些技巧在這些市場滲透借記卡？ ?

Well, I think it is our intention to kind of trade markets with the debit product.

好吧，我認為我們打算用借記產品交易市場。

I also think it's important, though, to make sure that everybody understands that the credit market outside the United States is not exactly the same as the credit market in the United States.

不過，我也認為重要的是要確保每個人都了解美國以外的信貸市場與美國的信貸市場並不完全相同。

And in fact, there are many credit products outside the United States that are probably -- that probably have more similarity to a debit product than you might expect.

事實上，美國以外的許多信貸產品可能 - 與借記產品的相似性可能超出您的預期。

So it's a -- it's a little bit different.

所以這是一個 - 它有點不同。

But I think we're well positioned along the entire spectrum, all the way from preloaded cards to premium credit cards, as it relates to product offerings and our willingness and ability to start penetrating other markets.

但我認為我們在整個範圍內都處於有利地位，從預裝卡到高級信用卡，這與產品供應以及我們開始滲透其他市場的意願和能力有關。

And I would just add to that that with regards to credit out the United States that we did have a solid growth rate for the March-ending quarter, and we expect to have positive growth in credit outside the United States all on a constant dollar basis in the quarter ending in June, as well.

我只想補充一點，關於美國以外的信貸，我們在 3 月底的季度確實有穩健的增長率，我們預計美國以外的信貸將在美元不變的基礎上實現正增長在六月結束的季度，也是如此。

And then just lastly and then I'll be done.

然後就在最後，然後我就完成了。

On the incentive fees, around the time of the IPO you really said that that was a number that actually should trend up because it was primarily a US phenomenon and using that to get contracts, and as you went international you were going to start to use it.

關於激勵費用，在 IPO 前後，您確實說過這個數字實際上應該呈上升趨勢，因為這主要是美國的現象，並使用它來獲得合同，並且隨著您走向國際，您將開始使用它。

What I'm hearing from you guys today is that that is abating a bit.

我今天從你們那裡聽到的是，這種情況正在減弱。

I'm wondering if there's a change of tone to using incentive fees as you go abroad?

我想知道您出國時使用獎勵費是否會改變基調？

As we put more client under multi-year contract which is a strategy that we support, with contracts comes an agreement to offer incentives.

隨著我們將更多客戶置於多年合同下，這是我們支持的一項戰略，合同附帶提供獎勵的協議。

And so it is a continuing strategy of ours over time to have more clients under multi-year contract and, therefore, there would be more -- there would be more clients' revenue that would be subject to incentives.

因此，隨著時間的推移，我們的一項持續戰略是讓更多客戶簽訂多年合同，因此會有更多——會有更多客戶的收入受到激勵。

That strategy was articulated at the time of the IPO, and it's still a strategy that we're pursuing today.

該戰略是在 IPO 時明確提出的，而且它仍然是我們今天所追求的戰略。

Okay.

好的。

Thank you very much.

非常感謝。

The next question comes from Jason Kupferberg with UBS.

下一個問題來自瑞銀的 Jason Kupferberg。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Wanted to start with a clarification in the quarter itself.

想從季度本身的澄清開始。

The $0.67 pro forma EPS number, what tax rate was behind that?

0.67 美元的預估每股收益數字，其背後的稅率是多少？

Was that a normalized tax rate, or I think the GAAP tax rate was more in the 43%-ish range related to the gain on sale.

這是一個標準化的稅率，還是我認為 GAAP 稅率更多地處於與銷售收益相關的 43% 左右的範圍內。

Can you clarify that?

你能澄清一下嗎？

Yes.

是的。

The $0.67 was at a more normalized tax rate because the boost in our tax rate for the quarter was due to the Visa Net Brazil transaction because of some capital gains taxes and the tax environment specific to Brazil, we ended up experiencing about 4 percentage points higher tax rate in the quarter.

0.67 美元的稅率更加正常化，因為我們本季度的稅率提高是由於 Visa Net Brazil 交易，因為一些資本利得稅和巴西特有的稅收環境，我們最終經歷了大約 4 個百分點的增長本季度的稅率。

When you back that out, so that -- to go from $0.98 backed out on an adjusted basis down to $0.67, when you remove that transaction, you would then go to the more normalized tax rate which was trending at about 39.5.

當您退出時，從調整後的 0.98 美元下降到 0.67 美元，當您刪除該交易時，您將進入更正常化的稅率，該稅率趨勢約為 39.5。

Okay.

好的。

And that was the basis for the $0.67?

這就是 0.67 美元的基礎？

Yes.

是的。

Okay, okay.

好吧好吧。

That's helpful.

這很有幫助。

And then just to to pick up on an earlier question as far as confidence and visibility on the low end of the 11% to 15% net revenue growth range for next year, you talked about the currency and gas components of that.

然後只是為了回答一個較早的問題，即明年 11% 至 15% 淨收入增長范圍的低端的信心和能見度，您談到了其中的貨幣和天然氣成分。

Obviously the two other underlying assumptions you've discussed for a while are the broader US economy and cross border.

顯然，您已經討論了一段時間的另外兩個基本假設是更廣泛的美國經濟和跨境。

Seems like those numbers are kind of stable but bouncing around a little bit.

似乎這些數字有點穩定，但有點反彈。

Can you just talk about your relative level of comfort with those two variables and how important they might be versus the other two variables in terms of actually getting yourself into this 11% to 12% range or so for next year?

您能否談談您對這兩個變量的相對舒適程度，以及它們與其他兩個變量相比在明年實際進入這 11% 到 12% 左右的範圍方面可能有多重要？

Well, I think the specific words that I used in the scripts were we would start to see some movement.

好吧，我認為我在腳本中使用的特定詞是我們會開始看到一些動作。

So we don't expect any significant positive movement in either the economy or cross-border transactions, although we do expect them to stabilize and start to move up very modestly.

因此，我們預計經濟或跨境交易不會出現任何重大的積極變化，儘管我們確實預計它們會企穩並開始非常溫和地上升。

And as long as that happens in the first quarter, early second quarter, I'm quite confident we'll get to where we're going.

只要這發生在第一季度，第二季度初，我很有信心我們會到達我們要去的地方。

Okay.

好的。

So we don't really need to see this "Positive inflection" point any time real soon to still get you into this range it sounds like?

所以我們真的不需要在任何時候真正看到這個“積極的拐點”來讓你進入這個聽起來像的範圍？

No, it doesn't have to happen next month.

不，它不必在下個月發生。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

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

下一個問題來自美國銀行的 Jim Kissane。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Thanks.

謝謝。

Hey, Byron, what portion of the incentives in the quarter were more one time and what portion is recurring?

嘿，拜倫，本季度的激勵措施中有多少是一次性的，又有多少是經常性的？

And maybe on a more normal basis, what portion would be one time and what portion is recurring?

也許在更正常的基礎上，哪一部分是一次性的，哪一部分是重複的？

Jim, I -- as you can appreciate, we don't discuss that level of granularity on the incentive.

吉姆，我——正如你所理解的，我們不討論激勵的粒度級別。

We've tried to be helpful here by saying it was somewhat elevated given the unusual high level of contract activity that was successfully completed in the quarter.

我們試圖在這裡提供幫助，說鑑於本季度成功完成的異常高水平的合同活動，它有所提高。

And we'll be -- we'll look forward to giving more guidance around the incentive levels when we finish up the fourth quarter and we give you an outlook for -- a more informed outlook for fiscal year '10.

我們將 - 我們期待在第四季度結束時就激勵水平提供更多指導，並為您提供展望 - 對 10 財年的更明智的展望。

Okay.

好的。

Any change in the average term of the contracts under renewals?

續約合約的平均年期有否變動？

I would say they're -- up -- at the time of the IPO, I would say the most typical contract length was five years.

我會說他們在首次公開募股時 - 上漲 - 我會說最典型的合同期限是五年。

I would see -- I would say we're starting to see some increasing interest going a bit beyond five.

我會看到 - 我會說我們開始看到一些越來越多的興趣超過了五個。

To say that it's actually moved the average might be too strong a term.

要說它實際上移動了平均值，這個術語可能太強了。

But we are seeing some contracts now that -- substantive contracts that are going beyond five years.

但是我們現在看到了一些合同——超過五年的實質性合同。

Okay.

好的。

Great.

偉大的。

Thanks, Byron.

謝謝，拜倫。

The next question comes from Tim Willi, Wells Fargo.

下一個問題來自富國銀行的 Tim Willi。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Good afternoon.

下午好。

I was wondering -- a question about US debit.

我在想——關於美國借記的問題。

If I look at the last six to seven quarters sort of boiling it down to the -- the spend and transactions per card, I think conventional wisdom would have been that as the economy suffered, people would switch spending habits from credit to debit.

如果我看過去六到七個季度，將其歸結為每張卡的支出和交易，我認為傳統觀點是，隨著經濟遭受重創，人們會將消費習慣從信用卡轉向借記卡。

And looking at sort of year over year growth in transactions per card, even dollars per card spent, I -- it doesn't look like that has occurred.

看看每張卡交易的逐年增長，甚至每張卡花費的美元，我 - 看起來並沒有發生這種情況。

So I'm wondering if there is something regarding inactive or just newer debit cards on the US platform that have not quite matured in terms of the user getting more comfortable with them, and as well if you could talk about any kind of strategies or discussions with your banking partners in the US about trying to drive higher utilization on debit in the face of what you've articulated about credit, that it's essentially probably going nowhere in the US.

所以我想知道美國平台上是否有一些關於非活動借記卡或只是更新的借記卡在用戶對它們更舒服方面還沒有完全成熟的東西，以及你是否可以談論任何類型的策略或討論與您在美國的銀行合作夥伴討論在面對您關於信貸的闡述時試圖提高借方的利用率，這在美國基本上可能無處可去。

Well, okay.

哦，那好吧。

Wow.

哇。

That's a loaded question.

這是一個加載的問題。

Let me start with the -- let me start with the back end of that.

讓我從 - 讓我從後端開始。

First of all, we are working to drive debit both with our clients, and that is the entire basis of our -- our media campaign in the United States this year.

首先，我們正在努力與我們的客戶一起推動借記，這是我們今年在美國開展的媒體活動的全部基礎。

I mean, everything -- everything that we're doing in the media is debit centric and is predicated on using debit cards.

我的意思是，我們在媒體上所做的一切都以藉記卡為中心，並以使用借記卡為前提。

I'd say that you're going to see debit cards be a very, very good story going forward.

我會說你會看到借記卡是一個非常非常好的故事。

I think you'll see the number of transactions that people use their cards for going up.

我想你會看到人們使用他們的卡進行的交易數量增加了。

I think that we continue to see more cards being put into the market and so I -- all the right things are happening on the debit front.

我認為我們繼續看到更多的卡進入市場，所以我 - 所有正確的事情都發生在藉記卡方面。

Now, I want to say one other thing.

現在，我想說一件事。

I didn't say the credit card market in the United States was dead.

我沒有說美國的信用卡市場已經死了。

I didn't say that.

我沒這麼說。

I said that we were not anticipating that we were going to get much velocity from the credit card market in the next 12 months.

我說我們沒有預料到我們會在未來 12 個月內從信用卡市場獲得很大的速度。

I think that as a result of the Credit Card Act and some of the issues that financial institutions have with the loan quality of their portfolio that it would just be naive to think that there wouldn't be some reflection as it related to that product and how it was going to be issued and how it was going to be used.

我認為，由於《信用卡法》以及金融機構在其投資組合的貸款質量方面存在的一些問題，如果認為與該產品和它將如何發行以及如何使用。

But I certainly don't believe and -- unless any of my clients are telling me differently that the credit card is dead.

但我當然不相信——除非我的任何客戶以不同的方式告訴我信用卡已經失效。

Okay, I appreciate that.

好的，我很感激。

Just to follow up on that debit question then.

只是為了跟進那個借方問題。

Do you think it's a matter of just more consumer awareness, or are there key verticals and other areas of spending in the US where there just needs to be more merchant acceptance to get that spend up on debit?

您認為這只是提高消費者意識的問題，還是在美國有關鍵的垂直和其他支出領域需要更多的商家接受才能增加借記卡支出？

Or is this really just more and more advertising and the banks getting to those consumers more effective that use this card as much as you can?

或者這真的只是越來越多的廣告和銀行更有效地接觸那些盡可能多地使用這張卡的消費者？

Well, I guess I'd have to look at the exact number you're looking at because when I look at the numbers, the transaction -- our transaction volume is up 9% in the last quarter.

好吧，我想我必須查看您正在查看的確切數字，因為當我查看數字時，交易 - 我們的交易量在上個季度增長了 9%。

It is mostly coming from the debit sector.

它主要來自借記部門。

We have three times as many debit transactions as credit card transactions, and have for a little while now and for the first time in the history of Visa, last quarter the dollar volume of debit card transactions exceeded that of credit card transactions.

我們的借記卡交易量是信用卡交易量的三倍，並且有一段時間，在 Visa 的歷史上，上個季度的借記卡交易量首次超過了信用卡交易量。

So my view into this product is a pretty positive view.

所以我對這個產品的看法是非常積極的。

And I expect that to continue.

我希望這種情況會繼續下去。

I think you might want to pick this question up with Jack Carsky.

我想你可能想和 Jack Carsky 一起回答這個問題。

Because I'm just -- you kind of caught me a little bit off balance here because I'm not sure we're talking the same language.

因為我只是 - 你在這裡有點讓我失去平衡，因為我不確定我們說的是同一種語言。

Okay.

好的。

I appreciate that.

我很感激。

We'll do that.

我們會這樣做的。

Thanks.

謝謝。

At this point we have time for one more question.

在這一點上，我們有時間再問一個問題。

The last question does come from Don Fandetti with Citi, your line is open.

最後一個問題確實來自 Don Fandetti 和 Citi，你的電話是開放的。

Hi, Joe.

嗨，喬。

Clearly the US seems to have stabilized in terms of credit.

顯然，美國在信貸方面似乎已經穩定下來。

Looks like the international growth rates are still positive but moderating.

看起來國際增長率仍然是積極的，但正在放緩。

I was just curious sort of what your view is on the insight on the non-US consumer?

我只是好奇你對非美國消費者的看法是什麼？

Are we pretty close to where you think those growth rates will start stabilizing?

我們是否非常接近您認為這些增長率將開始穩定的地方？

Well, that's -- that's a little bit difficult to call.

嗯，那是 - 這有點難以調用。

The fact of the matter is there have been issues, economic issues all over the world.

事實上，世界各地都存在問題，經濟問題。

And the fact that the international credit card volume is growing has as much to do with the secular shift from cash and checks to plastic as it does with a consumer's use of credit, as you might think about it in the United States.

國際信用卡數量不斷增長的事實與從現金和支票向塑料的長期轉變有關，與消費者對信貸的使用有關，正如您在美國可能想到的那樣。

So I think that this has a while.

所以我認為這有一段時間。

I think this has a while to play out.

我認為這需要一段時間才能發揮出來。

And I think that we're continuing to get traction in different parts of the world.

而且我認為我們將繼續在世界不同地區獲得牽引力。

And I think that, I don't think that's going to stop.

我認為，我認為這不會停止。

So I think we'll have a pretty -- I think we'll have a pretty positive story as time goes on.

所以我認為我們會有一個漂亮的 - 我認為隨著時間的推移我們會有一個非常積極的故事。

And I guess the best I can do is to end all of this is to tell you that we're cautiously optimistic that things are getting somewhat better and not somewhat worse.

我想我能做的最好的事情就是結束這一切，告訴你我們謹慎樂觀地認為事情正在好轉而不是更糟。

Okay.

好的。

Thanks.

謝謝。

Thank you all for joining us today.

感謝大家今天加入我們。

If anybody has any follow up questions, feel free to either call myself or Victoria.

如果有人有任何後續問題，請隨時致電我自己或維多利亞。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。