Visa Inc (V) 2009 Q4 法說會逐字稿

Welcome to Visa, Inc.'s fiscal fourth quarter 2009 earnings conference call.

歡迎參加 Visa, Inc. 的 2009 財年第四季度財報電話會議。

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 fiscal fourth quarter and full year 2009 earnings conference call.

下午好，歡迎參加 Visa, Inc. 的 2009 財年第四季度和全年財報電話會議。

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

Visa 董事長兼首席執行官 Joe Saunders 和首席財務官 Byron Pollitt 今天與我們同在。

This call is currently being webcast over the Internet and can be accessed on the Investor Relations section of our website at investor.visa.com.

本次電話會議目前正在互聯網上進行網絡直播，可在我們網站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 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 remind you this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

讓我提醒您，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 SECs website in the Investor Relations section of the Visa website.

有關這些因素的更多信息可在公司提交給 SEC 的文件中找到，這些文件可以通過 SEC 網站的 Visa 網站投資者關係部分進行訪問。

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

對於本次電話會議中披露的歷史非 GAAP 備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們第四財季財報新聞稿隨附的財務和統計摘要中獲得。

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。

For that I'll turn the call over to Joe.

為此，我會將電話轉給喬。

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

謝謝，傑克，謝謝大家加入我們。

I'm pleased to report the fiscal fourth quarter results were once again consistent with the guidance and expectations we provided during our last earnings call.

我很高興地報告第四財季業績再次與我們在上次財報電話會議上提供的指導和預期一致。

Several metrics even exceeded our expectations.

一些指標甚至超出了我們的預期。

While the US and the rest of world are still picking themselves up from the economic storm of the past year, we are beginning to see some very early signs of stabilization and some positive trends in aggregate (inaudible).

雖然美國和世界其他地區仍在從過去一年的經濟風暴中恢復過來，但我們開始看到一些非常早期的穩定跡象和一些積極的總體趨勢（聽不清）。

Earnings for the fourth quarter on an adjusted basis were $0.74 per diluted share.

第四季度調整後的收益為每股攤薄收益 0.74 美元。

For all of 2009 adjusted earnings were $3.23, and were positively impacted by the sale of our nearly 10% equity ownership in VisaNet Brazil last quarter.

2009 年全年調整後收益為 3.23 美元，並受到上季度出售我們在 VisaNet 巴西近 10% 股權的積極影響。

On our adjusted pro forma basis that excludes this gain Visa earned $2.92 per diluted share, a 30% increase over 2008, and well above our stated earnings goal.

在我們調整後的備考基礎上，不包括這一收益，Visa 每股攤薄收益為 2.92 美元，比 2008 年增長 30%，遠高於我們規定的收益目標。

Net operating revenues in the fourth quarter were almost $1.9 billion, a 10% increase over the year-ago period and above our guidance of mid-single-digit growth due to the better than expected process transaction growth, cross-border volumes, and our previously announced pricing modification on domestic process transactions.

由於流程交易增長、跨境交易量和我們的先前宣布對國內流程交易進行定價修改。

Net operating revenues for fiscal 2009 were $6.9 billion.

2009 財年的淨營業收入為 69 億美元。

A 10% increase over 2008 and moderately higher than we had reforecast earlier this year.

比 2008 年增長 10%，略高於我們今年早些時候的重新預測。

Our adjusted operating margin was 49% for the fourth quarter, modestly dilutive due to the reorganization charges and marketing investments related to creative development for the Olympics, FIFA World Cup and our recently announced Courtesy of Progress campaign.

我們第四季度調整後的營業利潤率為 49%，由於與奧運會、FIFA 世界杯的創意開發以及我們最近宣布的“Courtesy of Progress”活動相關的重組費用和營銷投資，適度攤薄。

Full year 2009 our adjusted operating margin was 53% consistent with our guidance of low 50s.

2009 年全年，我們調整後的營業利潤率為 53%，與我們對 50 年代低點的指導一致。

For fiscal 2010, we are increasing our margin guidance to the mid 50% range.

對於 2010 財年，我們將利潤率指導提高到 50% 的中間範圍。

Byron will speak to this further momentarily.

拜倫稍後將進一步談到這一點。

Adjusted fourth quarter income was $552 million, a 23% increase over the year-ago period.

調整後的第四季度收入為 5.52 億美元，比去年同期增長 23%。

For the full fiscal year 2009 adjusted net income was $2.4 million.

整個 2009 財年調整後的淨收入為 240 萬美元。

Excluding VisaNet Brazil, pro forma adjusted net income was $2.2 billion representing a 26% increase over the adjusted 2008 period.

不包括 VisaNet Brazil，預估調整後的淨收入為 22 億美元，比調整後的 2008 年期間增長了 26%。

I will let Byron get into the specifics on payment volume trends but in general we're beginning to see some very early signs of improvement domestically and internationally.

我將讓拜倫詳細了解支付量趨勢，但總的來說，我們開始看到一些非常早期的國內和國際改善跡象。

While we cannot predict the ultimate speed or size of the economic recovery, or if the flu pandemic will have any meaningfully attempt on cross-border volumes.

雖然我們無法預測經濟復甦的最終速度或規模，或者流感大流行是否會對跨境數量產生任何有意義的嘗試。

We are feeling more positive about trends for the first time in a long while.

很長一段時間以來，我們第一次對趨勢感到更加積極。

Another clear sign of progress is in the process transactions.

另一個明顯的進展跡像是在處理交易中。

For the September quarter we reported processing 10.5 billion transactions, a 90% increase over the prior year period as the migration to electronic payments continues on a global basis.

在 9 月季度，我們報告處理了 105 億筆交易，比去年同期增長 90%，因為全球範圍內繼續向電子支付遷移。

Just in the month of September, the growth rate expanded to 10%, and that has been the trend through the 18t, of October.

就在 9 月份，增長率擴大到 10%，這一直是 10 月份 18 噸的趨勢。

From a marketing and advertising perspective, we have made immeasurable strides over the past year founded on an ROI-based analysis of our marketing spend.

從營銷和廣告的角度來看，在基於投資回報率的營銷支出分析的基礎上，我們在過去一年中取得了不可估量的進步。

We began and will continue to move away from brand advertising towards more specific product line initiatives like debit, affluent credit, prepaid, and mobile.

我們開始並將繼續從品牌廣告轉向更具體的產品線計劃，如借記卡、富裕信用卡、預付和移動。

We are devoting more of our marketing dollars to the digital space globally and we are focusing more of our spending on key growth markets like Brazil, Russia, and the GSEC.

我們將更多的營銷資金投入到全球數字空間，我們將更多的支出集中在巴西、俄羅斯和 GSEC 等關鍵增長市場。

We expect to maintain a similar or slightly elevated level of marketing spend in 2010 over that of 2009, given the importance of staying ahead of the curve as key economies across the globe begin to rebound.

鑑於隨著全球主要經濟體開始反彈，保持領先地位的重要性，我們預計 2010 年的營銷支出將維持在與 2009 年相似或略高的水平。

All in all, our financial performance in fiscal 2009 was solid.

總而言之，我們在 2009 財年的財務表現穩健。

Especially given the economic environment we're operating in.

尤其是考慮到我們所處的經濟環境。

We delivered on all of our financial goals and even exceeded them in several metrics while investing in all of our growth initiatives and executing very effectively on our efficiency program.

我們實現了所有財務目標，甚至在多個指標上都超過了目標，同時投資於我們所有的增長計劃並非常有效地執行我們的效率計劃。

This led to record free cash flow in fiscal 2009 of $3.3 billion, inclusive of the VisaNet Brazil sale which allowed us to return over $2.1 billion of excess cash to our shareholders over the course of the year.

這導致 2009 財年的自由現金流達到創紀錄的 33 億美元，其中包括對 VisaNet 巴西的出售，這使我們能夠在一年中向股東返還超過 21 億美元的超額現金。

In this same vein, last week we announced an increase to our annual dividend of 19% and today announced the authorization of a share repurchase program totaling $1 billion.

同樣，上週我們宣布將年度股息提高 19%，今天宣布批准總額為 10 億美元的股票回購計劃。

We are extremely pleased that Visa is able to continue to build on our success in driving total return to our shareholders and today's buyback announcement and the recent dividend increase are evidence of our continued commitment to our shareholders in 2010.

我們非常高興 Visa 能夠繼續在我們成功推動股東總回報的基礎上再接再厲，今天的回購公告和最近的股息增長證明了我們在 2010 年對股東的持續承諾。

In addition to the mid-50s operating margins mentioned earlier as we look ahead to fiscal 2010, we are increasingly confident that we can regain the low end of our 11 to 15% annual net growth target and deliver another year of better than 20% adjusted EPS growth.

除了前面提到的 50 年代中期的營業利潤率，我們展望 2010 財年，我們越來越有信心能夠重新獲得 11% 至 15% 的年度淨增長目標的低端，並在一年內實現超過 20% 的調整後增長每股收益增長。

We are also establishing a similar EPS growth target for 2011.

我們還在為 2011 年制定類似的每股收益增長目標。

We believe that we have positioned areas of our business to take full advantage of the economic rebound as it materializes.

我們相信，我們已將業務領域定位為充分利用經濟反彈實現的機會。

We will provide additional information around our future expectations in early March that what will be our inaugural investor day.

我們將在 3 月初提供有關我們未來預期的更多信息，這將是我們的首個投資者日。

From an investment standpoint, we have identified those opportunities that will result in the greatest return on investment over the near term and will continue to be a critical part of our longer term growth both domestically and globally.

從投資的角度來看，我們已經確定了那些將在短期內帶來最大投資回報的機會，並將繼續成為我們在國內和全球長期增長的關鍵部分。

These include acceptance, debit and prepaid, global processing, and, of course, enhancing our presence on the Internet.

這些包括接受、借記和預付、全球處理，當然還有增強我們在互聯網上的存在。

I will speak to these further at the end of the call.

我將在通話結束時與這些人進一步交談。

We've continued the make good progress in Washington and believe that the interchange debate increasingly is viewed as a business to business issue that it is, not the consumer issue the merchants lobby has attempted to portray it is.

我們繼續在華盛頓取得良好進展，並相信交換辯論越來越被視為企業對企業的問題，而不是商家遊說團體試圖描繪的消費者問題。

We are focusing our resources on educating the proper constituencies to the facts in the debate rather than allow rhetoric and misinformation frame the discussion and to that end, we look forward to the completion of the GAO study later this year.

我們將我們的資源集中在教育適當的選民了解辯論中的事實，而不是讓言論和錯誤信息構成討論的框架，為此，我們期待在今年晚些時候完成 GAO 研究。

In concert with our Washington efforts earlier this month we launched a marking program designed to better define Visa's role as a payments network and articulate the powerful ways that digital currency advances economic empowerment and business efficiencies globally.

與我們本月早些時候在華盛頓所做的努力相一致，我們啟動了一項標記計劃，旨在更好地定義 Visa 作為支付網絡的角色，並闡明數字貨幣在全球範圍內促進經濟賦權和商業效率的強大方式。

Titled the Currency of Progress, the initiative uses real-life stories to demonstrate how the migration from cash and checks to electronic payments has helped individuals access their money more securely and conveniently, built stronger, more efficient businesses and enabled governments to be more cost effective and responsive to their citizens.

該計劃名為“進步的貨幣”，使用真實故事來展示從現金和支票到電子支付的遷移如何幫助個人更安全、更方便地獲取資金，建立更強大、更高效的企業，並使政府更具成本效益並響應他們的公民。

The reliability and speed of Visa digital currency is often taken for granted, and not enough people understand that Visa is a global payments technology Company that enables financial institutions and merchants to deliver the value of electronic payments to the world.

Visa 數字貨幣的可靠性和速度通常被認為是理所當然的，但很少有人了解 Visa 是一家全球支付技術公司，它使金融機構和商戶能夠向世界傳遞電子支付的價值。

Finally, earlier today we issued a press release announcing the renewal of our sponsorship of the Olympic Games for an additional eight years through 2020.

最後，今天早些時候，我們發布了一份新聞稿，宣布將我們對奧運會的讚助再延長八年，直至 2020 年。

This contract renewal is a testament to our long history of working relationship with the International Olympic Committee and really speaks to the global nature and reach of Visa's business.

此次續約證明了我們與國際奧委會長期的合作關係，也真正體現了 Visa 業務的全球性和影響力。

We also recently re-signed our sponsorship of the NFL through 2014 and along with our sponsorship of the if FIFA World Cup these three premier properties keep the Visa brand and promise get front and center to global audiences..

我們最近還重新簽署了對 NFL 的讚助，直至 2014 年，以及我們對 FIFA 世界杯的讚助，這三個頂級酒店保留了 Visa 品牌，並承諾成為全球觀眾的前沿和中心。

With that let me turn the call over the Byron who will take you through details of the financial results, then I will be back to share my views for the coming year.

有了這個，讓我把電話交給拜倫，他會帶你了解財務結果的細節，然後我會回來分享我對來年的看法。

Thank you, Joe.

謝謝你，喬。

Let me begin with the financial highlights for our fiscal fourth quarter and full year 2009.

讓我從 2009 財年第四季度和全年的財務亮點開始。

Then I will touch on payment volume trends we are seeing for the September quarter as well as some early volume and transaction results for October.

然後我將談到我們看到的 9 月季度的支付量趨勢以及 10 月的一些早期交易量和交易結果。

As Joe previously mentioned, it was another solid quarter with better than expected revenue growth and earnings growth in line with our guidance.

正如喬之前提到的，這是另一個穩健的季度，收入增長和盈利增長都好於預期，符合我們的指導。

As you may recall, service revenue for the September quarter is based on payment volume realized during the June quarter.

您可能還記得，9 月季度的服務收入是基於 6 月季度實現的支付量。

Accordingly, total payment volume growth for Visa, Inc.

因此，Visa, Inc. 的總支付量增長。

through the end of June, in nominal dollars, was a negative 2% over the same quarter in 2008, an improvement over the negative 5% reported in the March quarter.

截至 6 月底，以名義美元計，比 2008 年同一季度負 2%，比 3 月季度報告的負 5% 有所改善。

On a constant dollar basis, payment volume grew a positive 2% in the June quarter, unchanged from the March period.

按固定美元計算，6 月季度的支付量增長了 2%，與 3 月期間持平。

In the US, payment volume in the June quarter was a negative 3% over the prior year, unchanged from the March period.

在美國，6 月季度的支付量比去年同期下降 3%，與 3 月期間持平。

Debit delivered a positive 5% growth while credit growth was a negative 10%.

借方實現了 5% 的正增長，而信貸則實現了 10% 的負增長。

Both unchanged from the March quarter.

兩者均與 3 月季度持平。

Debit payment volume continues to account for an ever greater percentage of total US volume.

借記卡支付量繼續占美國總交易量的比例越來越大。

Although credit remains the prevailing choice in the rest of our region.

儘管信貸仍然是我們地區其他地區的主要選擇。

On a constant dollar basis, rest of world payment volume grew at 8% in the June quarter, moderating from the 10% growth exhibited in the March quarter but still solidly positive.

按固定美元計算，世界其他地區的支付量在 6 月季度增長了 8%，低於 3 月季度的 10% 增長，但仍為正值。

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

許多新興和發展中經濟體繼續認識到塑料的長期彈性。

Cross-border volume growth remained negative in the June quarter, posting an 8% decline on a constant dollar basis over the prior year period.

6 月當季跨境交易量仍為負增長，按固定美元計算比去年同期下降 8%。

This represented a moderate decline from the negative 6% reported in the March period.

這與 3 月份報告的負 6% 相比略有下降。

As in the previous quarters, the slowdown remained broad based.

與前幾個季度一樣，放緩的基礎仍然廣泛。

Transactions processed over Visa's network which are reported on a real-time basis totaled $10.5 billion in the fiscal fourth quarter, an increase of 9% over the similar period a year ago, and up slightly from the 8% growth rate we saw in the June quarter.

在第四財季實時報告的通過 Visa 網絡處理的交易總額為 105 億美元，比去年同期增長 9%，略高於我們在 6 月份看到的 8% 的增長率四分之一。

An encouraging sign.

一個令人鼓舞的跡象。

Turning to the income statement, in our fiscal fourth quarter, gross revenues of $2.2 billion were up 10% from a similar period in 2008.

轉向損益表，在我們的第四財季，總收入為 22 億美元，比 2008 年同期增長 10%。

Volume and support incentives as a percentage of gross revenues came in at 15%, down from the third quarter's elevated level of 17%.

數量和支持獎勵佔總收入的百分比為 15%，低於第三季度 17% 的高水平。

For fiscal 2009, gross revenues were $8.1 billion, up 10% over fiscal 2008.

2009 財年的總收入為 81 億美元，比 2008 財年增長 10%。

Volume and support incentives rose only 6% as a result of the lower payment volume we experienced over the course of the period.

由於我們在此期間經歷的較低支付量，數量和支持獎勵僅增長了 6%。

Volume and support incentives represented 15% of gross revenue for the year.

數量和支持獎勵佔當年總收入的 15%。

Based on our expectation for increased volumes and revenue in 2010, we are expecting volume and support incentives to increase modestly to the 16 to 17% range of gross revenue.

基於我們對 2010 年銷量和收入增加的預期，我們預計銷量和支持激勵措施將適度增加至總收入的 16% 至 17% 範圍。

Net operating revenues in the quarter were almost $1.9 billion, a 10% increase over the operating revenues reported for the fourth fiscal quarter of 2008.

該季度的淨營業收入接近 19 億美元，比 2008 年第四財季報告的營業收入增長了 10%。

This was ahead of the revenue guidance we provided last quarter due to better than anticipated process transaction growth and cross-border volume as well as previously disclosed pricing action.

由於好於預期的流程交易增長和跨境交易量以及之前披露的定價行動，這比我們上個季度提供的收入指導要早。

As noted earlier, full fiscal year net operating revenues were $6.9 billion, a 10% increase over 2008, and a little above our expectations.

如前所述，整個財年的淨營業收入為 69 億美元，比 2008 年增長 10%，略高於我們的預期。

Moving to the individual revenue line items for the fourth quarter, service revenue was $808 million, up 3% over the prior year period, and reflective of still relatively depressed payment volumes in all regions for the quarter ending June.

轉向第四季度的個人收入項目，服務收入為 8.08 億美元，比去年同期增長 3%，反映出截至 6 月的季度所有地區的支付量仍然相對低迷。

Data processing revenue reported on a current quarter basis was $727 million, up 33% over the prior year period based on strong process transaction growth of 9% and the effects of recently announced pricing action.

本季度報告的數據處理收入為 7.27 億美元，比去年同期增長 33%，這得益於 9% 的強勁流程交易增長以及最近宣布的定價行動的影響。

International transaction revenues also reported on a current quarter basis were down 1% to $507 million due to moderating cross border volumes in the period.

由於該期間跨境交易量放緩，本季度的國際交易收入也下降了 1% 至 5.07 億美元。

Our adjusted operating margin was 49%, slightly below our quarter guidance of low 50s.

我們調整後的營業利潤率為 49%，略低於我們 50 年代低點的季度指引。

For the entire fiscal year, the adjusted operating margin was 53%, in line with our yearly guidance.

整個財年，調整後的營業利潤率為 53%，符合我們的年度指導。

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額外的顏色。

On an adjusted basis, total operating expenses for the fourth quarter were $960 million, an increase of $17 million or 2% year-over-year primarily driven by higher personnel costs.

經調整後，第四季度總運營費用為 9.6 億美元，同比增長 1700 萬美元或 2%，主要是由於人員成本增加。

For all of 2009, adjusted total operating expenses were $3.2 billion, a 4% decline from the level at fiscal 2008.

2009 年全年，調整後的總運營費用為 32 億美元，比 2008 財年的水平下降 4%。

While our focus on efficiency gains will continue into 2010, our expectation is that with the major restructuring initiatives behind us, expenses for the coming year will generally be flat to those of 2009.

雖然我們對提高效率的關注將持續到 2010 年，但我們預計，隨著重大重組舉措的出台，來年的開支將與 2009 年基本持平。

On a sequential quarter basis, we saw higher expenses in several line items, including personnel and marketing.

在連續季度的基礎上，我們看到幾個項目的支出增加，包括人事和營銷。

The higher personnel spend was primarily due to reorganization charges, as well as some incentive based costs that we do not expect to recur on a go-forward basis.

較高的人員支出主要是由於重組費用，以及我們預計未來不會再發生的一些基於激勵的成本。

Marketing costs were sequentially higher as we continued to support our Internet advertising initiative, our GO advertising campaign, and the currency of progress initiative.

隨著我們繼續支持我們的互聯網廣告計劃、我們的 GO 廣告活動和進步貨幣計劃，營銷成本依次上升。

Additionally, we incurred creative and production costs associated with the upcoming Winter Olympics and FIFA World Cup.

此外，我們還產生了與即將到來的冬奧會和 FIFA 世界杯相關的創意和製作成本。

Overall in 2010 we anticipate spending less than $1 billion on marketing and advertising.

總體而言，我們預計 2010 年在營銷和廣告上的支出將少於 10 億美元。

In aggregate, our total expenses in the first fiscal quarter of 2010 should look more like the third quarter of fiscal 2009 rather than the fourth fiscal quarter.

總的來說，我們在 2010 財年第一季度的總支出應該更像 2009 財年第三季度，而不是第四財季。

Capital expenditures were $101 million in the quarter, which substantially completes the spending on our new data center that is now completely on-line.

本季度的資本支出為 1.01 億美元，這基本上完成了我們現在完全在線的新數據中心的支出。

For all of fiscal 2009, capital expenditures were $306 million, at the time low end of our expectations going into the year.

2009 財年全年，資本支出為 3.06 億美元，處於我們對今年的預期的低端。

For fiscal 2010, we expect capital expenditures to be in a range of 200 million to $250 million.

對於 2010 財年，我們預計資本支出將在 2 億至 2.5 億美元之間。

Having fully brought the new data center on-line, we will be realizing a higher level of depreciation and amortization in 2010 and beyond.

新數據中心全面上線後，我們將在 2010 年及以後實現更高水平的折舊和攤銷。

As a point of reference, we expect that depreciation and amortization will incrementally rise by approximately $30 million for all of fiscal 2010.

作為參考，我們預計 2010 財年全年折舊和攤銷將增加約 3000 萬美元。

Moving on to the balance sheet, we ended the fourth quarter and the year in very strong shape with negligible debt and cash, cash equivalents, investments and restricted cash of $6.6 billion.

繼續看資產負債表，我們在第四季度和今年結束時表現非常強勁，債務和現金、現金等價物、投資和受限現金為 66 億美元，可忽略不計。

Of this total, $1.7 billion is restricted cash which represents amounts sufficient to fully pay out the American Express settlement with another $1 billion that is currently uncommitted.

在這一總額中，17 億美元是受限制的現金，該金額足以用另外 10 億美元目前未承諾的金額全額支付美國運通的和解金。

During the fourth quarter, we made the final Discover payment under the terms of our settlement.

在第四季度，我們根據和解條款支付了最後一筆 Discover 付款。

As we discussed in our last earnings call on July 1, we began the process of unlocking up to 30% of the outstanding class C share holding, which will help alleviate some of the share overhang as we approach the ultimate unlock date of March 25, 2011.

正如我們在 7 月 1 日的上次財報電話會議中所討論的那樣，我們開始解鎖高達 30% 的流通 C 類股票，這將有助於在我們接近 3 月 25 日的最終解鎖日期時緩解部分股票過剩， 2011 年。

The results of this action exceeded our expectation with 89% of the potential shares unlocked by September 30, and more than half of those shares converted into class-A shares.

此次行動的結果超出了我們的預期，截至 9 月 30 日，89% 的潛在股份被解鎖，其中超過一半的股份轉換為 A 類股份。

Now let me comment on the trends we saw through the end of September and through the first three weeks of October.

現在讓我評論一下我們在 9 月底和 10 月前三週看到的趨勢。

On a real-time basis, US payment volume growth showed some positive signs of life during the September quarter with the overall growth rate coming in at a negative 1%, a solid improvement from the negative 3% of the June quarter.

在實時基礎上，美國支付量增長在 9 月季度顯示出一些積極的跡象，整體增長率為負 1%，比 6 月季度的負 3% 有了明顯改善。

The individual month of September came in at a positive 1%.

9 月份的個別月份為正 1%。

The first positive growth in a year, which was due in partly to the late vans the Labor Day holiday weekend versus the prior year.

一年來的首次正增長，部分原因是勞動節假期週末的貨車較上年晚。

More recently, through the 21st of October, aggregate US payment volume growth was a positive 3%.

最近，截至 10 月 21 日，美國的總支付量增長了 3%。

We are also seeing the benefit of receiving head winds in the year-over-year gasoline comparables, which will continue to unfold as we move through our first fiscal quarter of 2010.

我們還看到了汽油可比同比逆風的好處，隨著我們進入 2010 年第一財季，這種情況將繼續顯現。

While we draw some encouragement from this data, it is still not enough for us to call an inflection point in the US economy.

雖然我們從這些數據中獲得了一些鼓舞，但我們仍然不足以稱美國經濟出現拐點。

Deconstructing the US payment volume results on a real-time basis, credit volume growth ended the September quarter at a negative 9%, a slight improvement from the negative 10% posted in the June quarter.

對美國實時支付量結果進行解構後，9 月季度末信貸量增長為負 9%，與 6 月季度的負 10% 相比略有改善。

For the individual month of September, credit payment volume improved to a negative 7% rate and through 21, of October, improved to a negative 4%.

對於 9 月的個別月份，信貸支付量改善至負 7%，到 10 月 21 日，改善至負 4%。

Debit payment volume growth ended the September quarter in positive territory posting a 7% gain, up from 5% in the June quarter.

借記卡支付量在 9 月季度結束時呈正增長，增長 7%，高於 6 月季度的 5%。

The month of September improved to a positive 9%, and through October 21, has improved further to a positive 11%.

9 月份提高到正 9%，到 10 月 21 日，進一步提高到正 11%。

Again, very encouraging trends, but too early to call an inflection point.

同樣，非常令人鼓舞的趨勢，但稱拐點還為時過早。

On a real-time basis, cross-border volume growth also showed some signs of improvement in the September quarter, with payment volume on a constant dollar basis moving from June's 8% decline to a negative 5% decline.

在實時基礎上，跨境交易量增長在 9 月季度也顯示出一些改善跡象，按固定美元計算的支付量從 6 月的 8% 下降到負 5% 下降。

Through the 21st of October, this improved further to a negative 2%.

到 10 月 21 日，這一數字進一步改善至負 2%。

The improvement was led by North America.

改進是由北美領導的。

We have seen improvement on a nominal basis, as the dollar has weakened recently in key geographies.

由於美元最近在主要地區走弱，我們看到名義上的改善。

September's monthly rate on a nominal basis was a negative 3%, an improvement from the negative 15% reported in the June quarter, through October 21st, this has improved further to a positive 3% level of growth.

9 月份名義月率為負 3%，較 6 月份季度報告的負 15% 有所改善，截至 10 月 21 日，這已進一步改善至 3% 的正增長水平。

As we have repeatedly stated, this is an encouraging trend, butts still too early to call an inflection point.

正如我們一再聲明的那樣，這是一個令人鼓舞的趨勢，但現在說拐點還為時過早。

To give some context to the foreign exchange impacts on revenue in fiscal 2009, we believe that unfavorable foreign exchange rates reduced gross revenue growth by about 3 percentage points.

為了說明外匯對 2009 財年收入的影響，我們認為不利的外匯匯率使總收入增長減少了約 3 個百分點。

Our expectation for 2010 is for a relatively neutral impact to revenue growth, given our hedging activity.

鑑於我們的對沖活動，我們對 2010 年的預期是對收入增長的影響相對中性。

Processed transaction growth ended the September quarter at 9%, an improvement over the 8% we reported in the January quarter.

處理的交易增長在 9 月季度結束時為 9%，比我們在 1 月季度報告的 8% 有所改善。

In the month of September, that rate was a positive 10%.

在 9 月份，該比率為正 10%。

October to date has maintained that same level of growth and continues to be a barometer of the strength and resilience of plastic.

到目前為止，10 月一直保持同樣的增長水平，並繼續成為塑料強度和彈性的晴雨表。

Now let me comment on our expectations over the coming fiscal year for operating performance and the resulting impact on our guidance.

現在讓我評論一下我們對下一個財政年度的經營業績的預期以及由此對我們的指導產生的影響。

As Joe mentioned earlier, we are increasingly comfortable with achieving the low end of our 11 to 15% net revenue growth target in 2010, and delivering better than 20% earnings per share growth in 2010, excluding the VisaNet Brazil gain in 2009.

正如喬之前提到的，我們越來越樂於在 2010 年實現 11% 至 15% 的淨收入增長目標的低端，並在 2010 年實現超過 20% 的每股收益增長，不包括 2009 年的 VisaNet 巴西收益。

We are establishing a 2011 earnings per share growth goal of better than 20%, and we will provide additional color at our March investor meeting.

我們正在製定 2011 年每股收益增長超過 20% 的目標，我們將在 3 月份的投資者會議上提供更多信息。

We expect our full-year 2010 operating margin to be in the mid-50s, up slightly from the low 50s we achieved this year.

我們預計 2010 年全年營業利潤率將在 50 年代中期，略高於我們今年達到的 50 年代低點。

Given economic uncertainties, it is always possible that we could see an individual quarter where the margin dips to the low 50s percent.

鑑於經濟的不確定性，我們總是有可能看到某個季度的利潤率下降到 50% 的低位。

Our projection for free cash flow poor the year is north of $2 billion, which is net of the $682 million prepayment we made this month on the previously settled retailers litigation.

我們對今年自由現金流量不佳的預測為 20 億美元以上，這是我們本月在先前解決的零售商訴訟中預付的 6.82 億美元的淨額。

We expect our 2010 tax rate to be in a range of 38 to 39%.

我們預計 2010 年的稅率將在 38% 至 39% 之間。

Finally, on a go forward basis, we will no longer use the adjusted format for our earnings releases, and instead will rely on GAAP results.

最後，在未來的基礎上，我們將不再使用調整後的格式發布我們的收益，而是依賴 GAAP 結果。

We will, of course, call out material one-time items or other extraordinary events.

當然，我們會提出重大的一次性項目或其他非同尋常的事件。

With our IPO now six quarters behind us, we feel that the original objective of reporting on an adjusted basis has now been met.

現在我們的 IPO 已經落後了六個季度，我們認為在調整後的基礎上報告的最初目標現在已經實現。

That concludes my comments.

我的評論到此結束。

So I will turn the call back over to Joe.

所以我會把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

Before we move on to Q&A, I wanted to provide a brief update on some of the opportunities we are focused on as we move into 2010.

在我們繼續進行問答之前，我想簡要介紹一下我們在進入 2010 年時所關注的一些機會。

We will be providing more in-depth detail at our inaugural investor day this March.

我們將在今年 3 月的首屆投資者日上提供更深入的細節。

We've talked a lot about these in the recent past, and we remain excited about the near-term contribution of each of them.

最近我們已經談了很多關於這些的事情，我們仍然對他們每個人的近期貢獻感到興奮。

As I mentioned earlier, these include acceptance, debit and prepaid, global processing, and, of course, enhancing our presence on the Internet.

正如我之前提到的，這些包括接受、借記和預付、全球處理，當然還有增強我們在互聯網上的存在。

With acceptance, we have identified four strategic objectives which include expanding merchant acceptance, optimizing the performance of all Visa's products at the point of sale, increasing the Visa share of total sales with merchants, and finally, building sustainable partnerships with our clients through programs like cobranding.

通過接受度，我們確定了四個戰略目標，包括擴大商家的接受度、優化所有 Visa 產品在銷售點的性能、增加 Visa 在商家總銷售額中的份額，最後通過諸如此類的計劃與我們的客戶建立可持續的合作夥伴關係聯合品牌。

Both domestically and internationally we will continue to expand the cat growers spend on plastic, both debit and credit, as well as better penetrate existing successful categories.

在國內和國際上，我們將繼續擴大貓種植者在塑料上的支出，包括借記卡和貸記卡，以及更好地滲透到現有的成功類別。

In the US, that means focusing on key growth channels like transportation and bill pay and micro payment categories such as vending.

在美國，這意味著專注於交通和賬單支付等關鍵增長渠道以及自動售貨等小額支付類別。

In the rest of the world, we are focused on replicating the early category successes we had here in the US in grocery, QSRs, fuel, and bill pay.

在世界其他地區，我們專注於復制我們在美國的早期類別在雜貨、QSR、燃料和賬單支付方面的成功。

We've talked a lot about debit more specifically prepaid, and continue to make a lot of progress on both fronts as some of the metrics we have spoken to in this call will attest.

我們已經談了很多關於更具體的預付借記卡的問題，並繼續在這兩個方面取得很大進展，因為我們在本次電話會議中談到的一些指標將證明這一點。

Our overall global debit strategy is built on expanding acceptance in everyday segments, encouraging use of the debit card at the point of sale, demonstrating acceptance benefits to merchants, improving the consumer awareness of debit via advertising, and protecting and growing our issuance.

我們的整體全球借記卡戰略是建立在擴大日常領域的接受度、鼓勵在銷售點使用借記卡、向商家展示接受度的好處、通過廣告提高消費者對借記卡的認識以及保護和增加我們的發行量的基礎上的。

As far as prepaid is concerned, we view this as a product platform on which we will focus on specific segments to fuel continued growth.

就預付費而言，我們將其視為一個產品平台，我們將在該平台上專注於特定細分市場以推動持續增長。

The key categories remain government disbursement, employee benefits, incentives and rebates, healthcare, and payroll.

關鍵類別仍然是政府支出、員工福利、激勵和回扣、醫療保健和工資單。

The keys to continued success in this space are expanding penetration, which is quite good in the US, but much more nascent internationally, creating consumer preference, and most importantly, improving performance.

在這一領域繼續取得成功的關鍵是擴大滲透率，這在美國相當不錯，但在國際上則更加新生，創造了消費者的偏好，最重要的是提高了業績。

While many of the issuance programs currently in place generate millions of cards and good payment volumes, others result in issuance of cards but little volume at the point of sale in favor of cash withdrawals at ATMs.

雖然目前實施的許多發行計劃產生了數百萬張卡和良好的支付量，但其他發行計劃導致在銷售點發行卡但數量很少，有利於在 ATM 上提取現金。

It's part and parcel of our overall debit and prepaid strategies, we are implementing programs to boost conversion rates for these programs, as we have done and are doing in the US.

這是我們整體借記和預付策略的重要組成部分，我們正在實施計劃以提高這些計劃的轉換率，正如我們在美國所做的和正在做的那樣。

In processing we continue our focus on growing our domestic network processing.

在處理方面，我們繼續專注於發展我們的國內網絡處理。

Not just in the US, but more important globally.

不僅在美國，在全球更重要。

To this end we recently expanded our relationship with Wells Fargo to include a long-term debit processing agreement.

為此，我們最近擴大了與富國銀行的關係，包括一項長期借記處理協議。

We're also exploring expanding our ability to offer issuer and acquirer processing at key foreign markets where we believe we could accelerate our success by making investments in or working with domestic entities willing to form partnerships.

我們還在探索擴大我們在主要外國市場提供發行人和收購人處理的能力，我們相信我們可以通過投資或與願意建立合作夥伴關係的國內實體合作來加速我們的成功。

Lastly, on the Internet, we continue to make progress in developing our new e-commerce solutions.

最後，在互聯網上，我們繼續在開發新的電子商務解決方案方面取得進展。

This solution called Right Click by Visa is an on-line shopping tool targeted to consumers that assists on-line shoppers by offering the ability to brows multiple merchants and select items consumers are interested in looking at in one central location, making comparison shopping easier.

這個名為Right Click by Visa 的解決方案是一種針對消費者的在線購物工具，它通過提供瀏覽多個商家和選擇消費者感興趣的商品的能力來幫助在線購物者在一個中心位置查看，從而使比較購物變得更容易。

Auto fill capabilities that instantly populate the consumer's shipping and payment details for faster checkout and exclusive offers through Visa cardholders and the ability to solicit feedback from friends on items the user is considering buying.

自動填寫功能可立即填充消費者的運輸和付款詳細信息，以便通過 Visa 持卡人更快地結賬和獨家優惠，並能夠就用戶正在考慮購買的商品徵求朋友的反饋。

Finally, we're working on an aliasing capability that will make the safest way to pay on the Internet even better.

最後，我們正在開發一種別名功能，這將使最安全的互聯網支付方式變得更好。

We expect rolling out this feature by the summer 2010.

我們預計在 2010 年夏天推出此功能。

Extensive testing of Right Click has been completed, and we are conducting tests with users and a limited number of US-based issuers in the coming weeks.

Right Click 的廣泛測試已經完成，我們將在未來幾週內對用戶和有限數量的美國發行人進行測試。

Based on user feedback, we are continuing to refine features and functionality.

根據用戶反饋，我們將繼續改進特性和功能。

We expect version 1.1 of Right Click to roll out early next calendar year.

我們預計 Right Click 的 1.1 版將在明年年初推出。

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) The first question comes from Jason Kupferberg, UBS.

（操作員說明）第一個問題來自 UBS 的 Jason Kupferberg。

We appreciate the initial look at fiscal 2011.

我們對 2011 財年的初步了解表示讚賞。

Just a quick question and a follow-up, if I can.

如果可以的話，只是一個快速的問題和跟進。

First of all, with regard to the fiscal '10 net revenue growth guidance, can you talk about the amount of pricing lift that's assumed in there?

首先，關於 '10 財年淨收入增長指引，你能談談其中假設的定價提升量嗎？

I recognize you're going to have the US acquirer price increase continue to help you for the first three-quarters of fiscal '10.

我認識到，在 10 財年的前三個季度，美國收購方價格上漲將繼續為您提供幫助。

If you can help us get an understanding of how much pricing is assumed in the low end of the 11 to 15% range that would be great.

如果您能幫助我們了解在 11% 到 15% 範圍的低端假設了多少定價，那就太好了。

This is Byron.

這是拜倫。

The amount of pricing impact we would describe as modest, less than what we experienced in 2009, but a little higher than the long-term steady rate, normalized rate of one to two percentage points that we have described earlier.

我們將描述為適度的定價影響量，低於我們在 2009 年所經歷的，但略高於我們之前描述的長期穩定率，正常化率 1 到 2 個百分點。

The particular pricing action that you mentioned was initiated at the beginning of fiscal '09's fourth quarter and will anniversary through the third quarter of fiscal year '10.

您提到的特定定價行動是在 09 財年第四季度開始時啟動的，並將持續到 10 財年第三季度。

Okay.

好的。

Then just a quick follow-up on volumes.

然後只是對卷的快速跟進。

Really good to hear that things seem to be turning around there, not that one month makes a trend, but nonetheless, if you put gas prices aside here, and currency, which folks know are starting to help you here in the first quarter of fiscal '10, are there certain spending categories that you guys are starting to see a little bit of a recovery in first, in terms of how it's driving some of the better year-over-year volume growth comps?

真的很高興聽到那裡的情況似乎正在好轉，並不是一個月就能形成趨勢，但儘管如此，如果你把汽油價格和貨幣放在一邊，人們知道這些貨幣在財政的第一季度開始幫助你'10，就它如何推動一些更好的同比銷量增長而言，你們是否首先開始看到某些支出類別有所復甦？

We would say at this point there's no call-out there, and that you have outlined the two bigger drivers that are moving the needle, the removal of FX that was head wind, and in the first fiscal quarter of 2010 we should start to see that neutral impact that we talked about during the call.

我們會說在這一點上沒有呼籲，你已經概述了兩個更大的推動因素，消除了逆風，在 2010 年第一財季我們應該開始看到我們在電話會議中談到的那種中性影響。

And then the same phenomenon exists for gasoline prices sometime in this quarter potentially in the month of November we ought to be at the same average price per gas, and we should see that head wind pretty much go to neutral as well.

然後，在本季度的某個時候，汽油價格也存在同樣的現象，可能在 11 月份，我們應該處於相同的平均每汽油價格，我們應該看到逆風幾乎也趨於中性。

Okay, thanks for the comment.

好的，謝謝你的評論。

The next question comes from Craig Maurer with CLSA.

下一個問題來自 CLSA 的 Craig Maurer。

One comment, Joe, that you made at that time vend your remarks that caught my attention was the discussion of investing in merchant acquiring outside the market -- outside the US.

喬，你當時發表的一條評論引起了我的注意，是關於在美國以外的市場投資商戶收購的討論。

As I always thought that that was a perfect fit for both the major US networks outside the US.

正如我一直認為的那樣，這非常適合美國以外的美國主要網絡。

So I was hoping you could expand on that a little bit?

所以我希望你能擴展一點？

Well, I think I told you what we're looking at or thinking the about doing.

好吧，我想我告訴過你我們正在考慮或考慮做什麼。

But as it relates to specifics, I'm really -- I really don't think I can get into this at this particular point in time.

但由於它涉及到細節，我真的 - 我真的不認為我可以在這個特定的時間點進入這個問題。

The only thing that I will add is that when we -- when we, assuming that we're looking at acquiring, we're simply looking at places in the world where doing that will accelerate the distribution terminals and therefore accelerate our opportunities.

我唯一要補充的是，當我們 - 當我們假設我們正在考慮收購時，我們只是在尋找世界上這樣做會加速分銷終端並因此加速我們的機會的地方。

If I could ask one follow-up.

如果我可以問一個後續。

On the personnel costs, they were up quite a bit.

在人事成本方面，他們上漲了很多。

Was that related to the opening of the data center?

這與數據中心的開放有關嗎？

No.

不。

It's -- I would say that it was what we said.

這是——我會說這就是我們所說的。

It was reorganizational appropriate reorganization accounting, and some one-time incentives, but we'll be back to normal in the first quarter.

這是重組適當的重組會計，以及一些一次性激勵措施，但我們將在第一季度恢復正常。

Okay, thank you.

好的謝謝你。

The next question comes from David with Buckingham Research.

下一個問題來自白金漢研究所的大衛。

The next question comes from David Hochstim, Buckingham Research.

下一個問題來自白金漢研究所的 David Hochstim。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

just wonder id you could talk about how the organizational structure has changed with John becoming President?

只是想知道您能否談談約翰成為總裁後組織結構發生了怎樣的變化？

(Inaudible).

（聽不見）。

Then just on the acquirer w fee, the change in process transaction, 1.5%, sequential increase in the fee was about 20%.

然後僅在收單方w費用上，流程交易的變化，1.5％，費用環比增加約20％。

Is all that related to the price change?

所有這些都與價格變化有關嗎？

You want to answer the second part of the question.

你想回答問題的第二部分。

Let me start with the transaction fees.

讓我從交易費用開始。

So the way we would look at it, the transaction fee, or data processing fees for the quarter, year-over-year, were up 33%.

因此，從我們的角度來看，本季度的交易費用或數據處理費用同比增長了 33%。

And we would break that apart in two segments.

我們將把它分成兩部分。

The first is that we had very strong transaction growth of -- in the 9% range for the quarter year-over-year, and then the acquiring fee does have an amplified impact on data processing fees.

首先是我們有非常強勁的交易增長——在本季度同比增長 9% 的範圍內，然後收購費用確實對數據處理費用產生了放大的影響。

So think of the balance pricing action in combination with strong transaction growth.

因此，將平衡定價行為與強勁的交易增長相結合。

So the $100 million sequential increase roughly over that from Q3 to Q4 is kind of -- kind of a run rate, and it is should go up as volumes go up?

因此，從第三季度到第四季度大致連續增長 1 億美元是一種 - 一種運行速度，它應該隨著銷量的增加而上升嗎？

It directly relates to volumes.

它與體積直接相關。

There is a mix -- no, there really isn't a mix.

有混合——不，真的沒有混合。

It directly -- it should have a strong correlation to volume, then of course we've go to let the pricing actions run their course.

它直接 - 它應該與數量有很強的相關性，然後我們當然要讓定價行為順其自然。

Okay.

好的。

With respect to John?

關於約翰？

John is the President.

約翰是總統。

He's no longer the Chief Operating Officer because he is the President.

他不再是首席運營官，因為他是總裁。

But in reorganizing the titles more appropriate given the responsibilities he has but we won't be hiring a COO.

但考慮到他的職責，重組頭銜更合適，但我們不會僱傭首席運營官。

Okay, thank you.

好的謝謝你。

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

下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。

Thanks.

謝謝。

Can you hear me okay?

你能聽到我的聲音嗎？

Yes.

是的。

Great, thanks.

太謝謝了。

I guess I will ask this, the revenues came in nicely ahead of our view, the certain expense line came in a bit higher than we forecasted.

我想我會問這個，收入遠遠超出我們的預期，某些支出線比我們預測的要高一點。

Talked about personnel.

談到人事。

I was wondering, was there any pull forward of (inaudible) spending especially in the professional an consulting fee line, and the admin and other lines?

我想知道，是否有任何（聽不清）支出的推動，特別是在專業諮詢費線、管理和其他線？

(Inaudible) looked like they stepped up a bit sequentially.

（聽不清）看起來他們有點順序地加強了。

The professional fees were consistent with the strategic projects that were in -- investing in -- there was an extraordinary expenditure in marketing that really wasn't -- even though our guidance suggested that the marketing spend wasn't really part of it.

專業費用與投資的戰略項目是一致的，在營銷方面有一筆非常大的支出，但實際上並非如此——儘管我們的指導表明營銷支出並不是其中的一部分。

We accelerated the creation of the creative or the currency in progress for the Winter Olympics and to some extent for FIFA.

我們加快了為冬奧會以及在某種程度上為國際足聯創造的創意或貨幣的創造。

We spent some money on creative development and marketing that we didn't necessarily intend to, or didn't guide to, I guess is a better word.

我們在創意開發和營銷上花了一些錢，但我們不一定打算或沒有引導，我想這是一個更好的詞。

And it is a relates to the personnel expenses, as I said before, there were some reorganizations and incentive expenses that were extraordinary and are now behind us.

這與人事費用有關，正如我之前所說，有一些非常規的重組和激勵費用，現在已經過去了。

Okay, so just to make sure, the flat comment on the operating expense growth is the right baseline the adjusted expense number of -- I think I see here -- I guess you hit [$3.238 billion] in fiscal '09?

好的，所以只是為了確保，對運營費用增長的持平評論是正確的基準，調整後的費用數字——我想我在這裡看到——我猜你在 09 財年達到了 [32.38 億美元]？

Is that the right baseline?

這是正確的基線嗎？

No, it is -- look at it on a -- remember, I said on the earnings call we're moving to a GAAP comparison.

不，它是 - 看看它 - 記住，我在收益電話會議上說過我們正在轉向 GAAP 比較。

So from this point forward, everything should be looked at on a GAAP to GAAP basis.

因此，從這一點開始，一切都應該在 GAAP 到 GAAP 的基礎上進行看待。

We are excluding any impact from Brazil.

我們排除了來自巴西的任何影響。

Other than that, starting with the first quarter, and this was consistent with our guidance, flat expense GAAP result year-over-year.

除此之外，從第一季度開始，這與我們的指導一致，即按年計算的固定費用 GAAP 結果。

Got it.

知道了。

If I could sneak in one last one real quick, just the buyback.

如果我能真正快速潛入最後一個，那就是回購。

Nice to see that, what's the general philosophy for buying back stock?

很高興看到這一點，回購股票的一般理念是什麼？

Thanks.

謝謝。

Well, when you see general philosophy, the general philosophy is that we return excess cash to shareholders in the form of dividends or buyback.

好吧，當您看到一般哲學時，一般哲學是我們以股息或回購的形式將多餘的現金返還給股東。

Can you be a little more specific, Tien-Tsin?

你能說得更具體一點嗎，Tien-Tsin？

I guess I was just wondering have you utilized the buyback opportunistically or will there be some systemic approach to rebuying the shares.

我想我只是想知道你是否機會主義地利用了回購，或者是否會有一些系統性的方法來重新購買股票。

Yes.

是的。

They will be systematically opportunistic with the emphasis on the latter.

他們將有系統地投機取巧，並強調後者。

Very disciplined -- very disciplined opportunistic buy back.

非常自律——非常自律的機會主義回購。

We'll use open market and 10b5-1s, and we have a 12-month life on program.

我們將使用公開市場和 10b5-1s，我們有 12 個月的生命週期。

Thanks.

謝謝。

The next question comes from Tom McCrohan, Janney Montgomery Scott, your line is open.

下一個問題來自 Tom McCrohan、Janney Montgomery Scott，你們的電話是開放的。

I have a question on volume and support.

我對音量和支持有疑問。

You said the guidance of 16 to 17% for fiscal 2010, what's baked into that, and regards to expectations around payment volumes -- so if volumes pick up a little above your expectations should we expect that guidance to move a little bit, i.e.

您提到了 2010 財年 16% 到 17% 的指導，其中包含什麼，以及對支付量的預期——因此，如果交易量略高於您的預期，我們是否應該預期該指導會有所變化，即

go down, or how fixed is that guidance, 16 to 17?

往下走，或者那個指導有多固定，16到17？

Tom, if we go back to our original IPO guidance we said we expected volume and support incentives as a percent of gross revenue to be in that 16 to 18% range.

湯姆，如果我們回到我們最初的 IPO 指導，我們說我們預計數量和支持激勵佔總收入的百分比將在 16% 到 18% 的範圍內。

This is very consistent with how we thought about it at the time of the IPO.

這與我們在 IPO 時的想法非常一致。

At that time time of the IPO we thought of incentives moving up for two reasons.

在 IPO 時，我們認為激勵措施上調有兩個原因。

One of which is, is that it is a very specific strategy of Visa to enter into more multiyear contracts with our clients.

其中之一是，與我們的客戶簽訂更多多年期合同是 Visa 的一項非常具體的策略。

It is through a multiyear contract that you actually create incentives, because that's the quid pro quo for a more than annual commitment to the told you.

您實際上是通過一份多年合同來創造激勵措施，因為這是對被告知的人做出超過年度承諾的交換條件。

More client under multiyear contracts as time progresses.

隨著時間的推移，越來越多的客戶簽訂了多年合同。

Then second is as the economies be Ben to recover, as our clients' credit portfolios in particular begin to, we would expect a higher rate of incentives to be earned.

其次，隨著經濟復甦，尤其是我們客戶的信貸組合開始復蘇，我們預計將獲得更高的激勵率。

As you blend those two together, our outlook that supports payment volumes that would get us into the low end of the 11 to 15% revenue growth range would get you incentives in that 16 to 17% range.

當您將這兩者結合在一起時，我們支持支付量的前景將使我們進入 11% 至 15% 的收入增長范圍的低端，這將為您帶來 16% 至 17% 的範圍內的激勵。

Okay.

好的。

I mean, but, as you ask and as we have consistently said, to some extent of those are based on volumes.

我的意思是，但是，正如你所問的那樣，正如我們一直所說的那樣，在某種程度上，這些是基於數量的。

And anticipate that there will be some increase in volumes.

並預計銷量會有所增加。

Fair enough.

很公平。

And one administrative item.

和一個行政項目。

Is there any plan to publish the metrics, operating metrics on kind of a real-time basis in 2010?

是否有計劃在 2010 年實時發布指標和運營指標？

Yes, the operational -- I'm not quite sure what you are referring to.

是的，操作——我不太確定你指的是什麼。

We do regularly publish operational data that would have -- just been issued.

我們會定期發布本應發布的運營數據。

We do it on a quarterly basis, which is reasonably extensive on debit and credit and is done on a global basis.

我們每季度進行一次，借方和貸方的範圍相當廣泛，並且在全球範圍內進行。

Excludes, of course, Visa Europe which is not part of Visa Inc.

當然，不包括不屬於 Visa Inc. 的 Visa Europe。

is there something beyond that you're asking about?

除了您要問的問題之外，還有其他事情嗎？

The operational data that's published in connection with the arrangement with Visa on a one quarter lag.

與 Visa 的安排相關的運營數據滯後四分之一。

We expect to address that in fiscal year '10, specifically the removement of the lag on reporting service fee revenue.

我們希望在 10 財年解決這個問題，特別是消除報告服務費收入的滯後。

Great, thanks, Byron.

太好了，謝謝，拜倫。

The next question comes from Bob Napoli, Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Bob Napoli。

The marketing spend in 2010 talking about less than $1 billion, which that's kind of what we expected, but it's still below what you spent in 2008 and 2007.

2010 年的營銷支出不到 10 億美元，這符合我們的預期，但仍低於 2008 年和 2007 年的支出。

Can you give a little color on?

能給點顏色嗎？

I know you have some synergies, but are you actually marketing less than you did in '07 or '08 or are you marketing more?

我知道你們有一些協同效應，但你們的營銷實際上是比 07 年或 08 年少，還是營銷更多？

I think the effect of what we're doing is the same effect that we had a couple years ago.

我認為我們正在做的事情的效果與我們幾年前的效果相同。

It's just that we're doing it smarter.

只是我們做得更聰明。

You have a lot of things going on.

你有很多事情要做。

We have more digital advertising supported by print.

我們有更多由印刷支持的數字廣告。

We have a little less TV, particularly in the United States and frankly television rates in the United States are down.

我們的電視少了一點，尤其是在美國，坦率地說，美國的電視收視率下降了。

They're a little bit more expensive outside the US, but I'd say the mix between TV and print and digital and the consolidation of our marketing efforts into a single buying entity, a single, pretty much a single creative thrust, all of that put together, we're getting to the same number of people in a more effective manner.

它們在美國以外的地方要貴一些，但我想說的是電視、印刷和數字之間的混合，以及我們的營銷努力整合到一個單一的購買實體，一個單一的，幾乎單一的創意推動力，所有這些綜上所述，我們以更有效的方式接觸到相同數量的人。

Thanks.

謝謝。

Any chance would you give us -- you talked about prepaid, Joe.

你會給我們任何機會——你談到了預付，喬。

Give us a feel for how much spending.

讓我們感受一下花費了多少。

Prepaid is all in the debit category, correct?

預付都屬於借記類別，對嗎？

Correct.

正確的。

Can you give us any feel for size of that business?

您能告訴我們該業務的規模嗎？

I think that we'll be able to do a much better job about talking about prepaid and some of these other things at our investor day, so that's a good lead-in.

我認為我們將能夠在我們的投資者日談論預付和其他一些事情做得更好，所以這是一個很好的引導。

I look forward to seeing you in March.

我期待著在三月見到你。

Okay.

好的。

If I could just ask, corporate spend, any corporate in corporate spend?

如果我可以問，企業支出，任何企業在企業支出？

Last question.

最後一個問題。

Thank you.

謝謝你。

Corporate--?

公司的 - ？

Corporate card.

公司卡。

Oh, corporate card.

哦，公司卡。

I'm sorry.

對不起。

It's something that we're aggressively pursuing.

這是我們正在積極追求的東西。

And obviously we need to pursue that through financial institutions, but you'll see us more active in that market.

顯然，我們需要通過金融機構來追求這一點，但你會看到我們在那個市場上更加活躍。

Thank you.

謝謝你。

The next question comes from Chris Brendler, Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Chris Brendler。

Good afternoon.

下午好。

I had one clarification real quick.

我很快就得到了一個澄清。

Byron, the depreciation and amortization guidance up $30, was that included in your total expense number being flattish?

拜倫，折舊和攤銷指導增加了 30 美元，這是否包含在您的總支出數字中？

Yes.

是的。

Broader question for you, Joe.

對你來說更廣泛的問題，喬。

I sort of share your interchange views that you shared with us on the call.

我有點分享你在電話會議上與我們分享的交流觀點。

But I wanted to know, just hypothetically, do you feel like the Welsh bill and some of the restrictions around some of that rewards card and issus like that, is that more of a threat than some of the (inaudible) in your opinion?

但我想知道，只是假設性地，您是否覺得威爾士法案以及圍繞某些獎勵卡和類似問題的一些限制，是否比您認為的某些（聽不清）更具威脅？

No, not at all.

一點都不。

I mean, that's -- may sound like the simple answer, but it's the right answer.

我的意思是，這聽起來像是簡單的答案，但它是正確的答案。

Okay.

好的。

Just because of the -- explain why.

只是因為——解釋原因。

It has the -- fewer people embrace it, and it has less traction than anything else that's out there, and it's starting in the place of way in back where a lot of of the things began and just the history of this entire dialogue would suggest that my answer is appropriate.

它有 - 更少的人接受它，它的牽引力比其他任何東西都少，它開始於很多事情開始的地方，而整個對話的歷史表明我的回答是恰當的。

Okay.

好的。

One last one, I guess.

最後一個，我猜。

You've mentioned the brand spending is no longer as big of a part of your marketing budget, but then you also talk about renewals was (inaudible) funds and the Olympics, can you give us an idea at all how much of your marketing budget is brand spend?

您提到品牌支出不再佔您營銷預算的大部分，但您還談到續訂是（聽不清）資金和奧運會，您能否告訴我們您的營銷預算有多少？是品牌消費？

I think that probably when everything is said and done it's maybe around 30%.

我認為，當一切都說完了，大概是 30% 左右。

But remember, even with the NFL, and when you see the Olympic ads, these are going to be more action oriented ads that ask people to spend.

但請記住，即使是 NFL，當您看到奧運廣告時，這些廣告也將是更多以行動為導向的廣告，要求人們花錢。

The NFL ads will have, Use your Visa card and go to the Super Bowl.

NFL 廣告將有，使用您的 Visa 卡並前往超級碗。

The Olympic ads will have a usage component associated with them.

奧運廣告將有一個與之關聯的使用組件。

So even these sponsorships are not going to be entirely aspirationally for (inaudible).

因此，即使是這些贊助也不會完全是為了（聽不清）。

The next question comes from Moshe Orenbuch, Credit Suisse.

下一個問題來自瑞士信貸的 Moshe Orenbuch。

Most of my questions actually have been asked and answered but I did notice in the context of a pretty large revenue beat you did have the card service fees was actually a little below our expectation and the rate kind of as a percentage of volume was down.

實際上，我的大多數問題都已被問及並得到了回答，但我確實注意到，在收入大幅增長的情況下，您的信用卡服務費實際上略低於我們的預期，而且費率佔交易量的百分比有所下降。

Partially offset I guess by less incentives.

我猜部分抵消了較少的激勵措施。

Is there anything going on there in terms of customer mix that you could highlight?

在客戶組合方面有什麼可以強調的嗎？

Yes, in service fees, remember this is on a one quarter lag, so service fee revenues were up 3% and if you look at the payment volume growth on a constant dollar basis, it's a plus 2.

是的，在服務費方面，請記住這是一個四分之一的滯後，因此服務費收入增長了 3%，如果您以固定美元為基礎查看支付量的增長，這是一個加 2。

And on a nominal basis, it's a minus 2.

在名義上，它是負2。

So it's a beat, but it's in the same zip code.

所以這是一個節拍，但它在同一個郵政編碼中。

And I would say it's a combination of pricing, adjustments and of mix shift.

我想說這是定價、調整和混合轉變的結合。

Thanks.

謝謝。

The next question comes from Greg Smith, Duncan Williams.

下一個問題來自 Greg Smith、Duncan Williams。

Thanks.

謝謝。

You guys quantified in the personnel expense the $33 million of restructuring but correct me if I'm wrong, you said in addition to that there's some one-time additional payments.

你們在人事費用中量化了重組的 3300 萬美元，但如果我錯了，請糾正我，你說除此之外還有一些一次性的額外付款。

If that's correct what was the actual?

如果這是正確的，那麼實際情況是什麼？

Can you quantify that at all?

你能量化嗎？

They're both part of the same thing.

它們都是同一事物的一部分。

They're not additive.

它們不是添加劑。

That's all in the $33 million?

這就是3300萬美元？

No, there is a restructuring charge that is related to activities that are tied to the merger of the five businesses that occurred back in October of 2007.

不，存在與 2007 年 10 月發生的五家企業合併相關的活動相關的重組費用。

This is the last quarter that we will be calling out restructuring charges and that's the $30 some million that is below the adjusted line.

這是我們將提出重組費用的最後一個季度，這是調整後線以下的 30 幾百萬美元。

In the personnel costs that are included in our adjusted results, there is -- Joe mentioned earlier, there are some reorganization costs and some incentive costs that we do not expect to reoccur and therefore, the first quarter, 2010 personnel costs should be -- or all in costs should be much closer to what you saw in Q3 as opposed to Q4.

在我們調整後的結果中包含的人事成本中，有——喬之前提到，有一些重組成本和一些激勵成本，我們預計不會再次發生，因此，2010 年第一季度的人事成本應該是——或者所有成本應該更接近您在第三季度而不是第四季度看到的。

That's clear.

這很清楚。

Can you just talk a little bit about launching debit in Canada?

你能談談在加拿大推出借記卡嗎？

Do you have a specific timetable for rolling that out and is there anything you need to do from a merchant acceptance standpoint to accept Visa debit in Canada?

您是否有具體的推出時間表？從商家接受的角度來看，您需要做什麼才能在加拿大接受 Visa 借記卡？

Well, I mean, we are making progress in that regard, and we expect to gain traction and begin issuing cards.

好吧，我的意思是，我們在這方面正在取得進展，我們希望獲得牽引力並開始發行卡片。

I'd say that the buildup of the merchant acceptance will take some time, but I believe that the die is cast and that the effort is underway, and I think over the moderate term it will be quite successful.

我想說的是，商家接受度的建立需要一些時間，但我相信已經確定，努力正在進行中，我認為在中期內它會非常成功。

The first cards that come out in Canada, the first debit cards, with Visa logos, which will come out in the first quarter of 2010, will be dual branded cards.

2010 年第一季度將在加拿大推出的第一批帶有 Visa 標誌的借記卡將是雙品牌卡。

And so it will carry the traditional Canadian debit logo along with the Visa logo.

因此，它將帶有傳統的加拿大借記卡標誌和 Visa 標誌。

I think it will be a great product.

我認為這將是一個很棒的產品。

I think it will be a big win, and we're excited about it.

我認為這將是一場巨大的勝利，我們對此感到興奮。

And then just one last clarification.

然後只是最後一個澄清。

Going forward, Byron, you are only going to report GAAP.

展望未來，拜倫，你只會報告 GAAP。

So, for example, the $17 million this quarter of step up amortization, you won't be adding that back, you will just be reporting GAAP?

因此，例如，本季度增加攤銷的 1700 萬美元，你不會把它加回來，你只會報告 GAAP？

Right.

正確的。

Yes, that's correct.

對，那是正確的。

Perfect, thank you.

完美，謝謝。

The next question comes from Chris Mammone, Deutsche Bank.

下一個問題來自德意志銀行的 Chris Mammone。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

I guess just going back to your comments about pricing being somewhat higher than the normalized 1 or 2% contribution for fiscal '10, is that all -- is that solely related to the (inaudible) pricing or is there anything else in there contemplated, and maybe give us the timing.

我想回到你關於定價略高於 10 財年標準化 1% 或 2% 貢獻的評論，這就是全部 - 僅與（聽不清）定價有關，或者還有其他任何考慮，也許給我們時間。

It's primarily related to the acquirer's fee that we took starting the fourth fiscal quarter 2009.

這主要與我們從 2009 年第四財季開始收取的收購方費用有關。

Okay.

好的。

And I guess just as a quick follow-up, maybe from where you sit could you maybe comment on what you're seeing early on or expectations for holiday spending trends?

我想作為一個快速跟進，也許你可以從你坐的地方評論你早期看到的東西或對假期消費趨勢的期望？

Particularly in light of the consumer confidence numbers today.

特別是鑑於今天的消費者信心數據。

So to be helpful, what we've done is given you our real-time spending trends through October 21, and we will let you extrapolate from there.

因此，為了提供幫助，我們所做的是為您提供截至 10 月 21 日的實時支出趨勢，我們將讓您從那裡進行推斷。

Okay.

好的。

That's a traditional holiday season, although there's a lot of Christmas trees around.

這是一個傳統的假期，雖然周圍有很多聖誕樹。

If I could just squeeze one more in then, you made some positive comments on anticipating the results of GAO.

如果我能再擠一個，你對預期 GAO 的結果發表了一些積極的評論。

Has the GAO approached you directly for input?

GAO 是否直接與您聯繫徵求意見？

Oh, absolutely.

哦，絕對的。

There's absolutely no question about that we've had had quite a bit of communication with the GAO, which is not to say that they haven't had conversations with other people, but absolutely we've had conversations with them when they were in the midst of doing the previous study that they did, and our relationship with them is (inaudible).

毫無疑問，我們與 GAO 進行了相當多的溝通，這並不是說他們沒有與其他人進行過對話，但絕對是在他們在在他們進行之前的研究期間，我們與他們的關係是（聽不清）。

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 Rick Shane, Jefferies.

最後一個問題確實來自 Jefferies 的 Rick Shane。

Your line is open.

你的線路是開放的。

Hey, Jack, you can give it to someone else, my questions have been asked and answered, thank you.

嘿，傑克，你可以把它給別人，我的問題已經被問到並得到了回答，謝謝。

Very generous, Rick.

非常慷慨，瑞克。

We've got time for one more.

我們有時間再做一次。

The last question does come from James Friedman, Susquehanna, your line is open.

最後一個問題確實來自詹姆斯弗里德曼，薩斯奎漢納，你的電話是開放的。

Thanks, Jack.

謝謝，傑克。

Thanks, Rick.

謝謝，瑞克。

I'm just trying to test the cyclical versus secular for credit versus debit.

我只是想測試信貸與借方的周期性與長期性。

As we move through the cycle and economies potentially recover, would you expect debit will continue to grow as a percentage of transaction volume in 2010?

隨著我們進入周期和經濟可能複蘇，您預計借方在 2010 年佔交易量的百分比將繼續增長嗎？

Yes, in 2010, absolutely.

是的，絕對是在 2010 年。

Okay.

好的。

I don't think there's any question about that for a lot of reasons.

出於很多原因，我認為對此沒有任何疑問。

Not all of them beg secular, but secular is certainly part of it.

並非所有人都乞求世俗，但世俗肯定是其中的一部分。

Great.

偉大的。

That sums it up.

總結起來就是這樣。

Thank you.

謝謝你。

And thank you all again for joining us today.

再次感謝大家今天加入我們。

If anybody has further follow-up questions, feel free to give myself or Victoria a call.

如果有人有進一步的後續問題，請隨時給我自己或維多利亞打電話。

Thanks.

謝謝。

Thank you for your participation 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。