Visa Inc (V) 2010 Q1 法說會逐字稿

Welcome to Visa Incorporated's fiscal first quarter 2010 earnings conference call.

歡迎參加 Visa Incorporated 2010 財年第一季度財報電話會議。

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 very much.

非常感謝。

Good afternoon, and welcome to Visa Inc's fiscal first quarter 2010 earnings conference call.

下午好，歡迎參加 Visa Inc 的 2010 財年第一季度財報電話會議。

And again, our sincerest apologies for what was a pretty large technical difficulty.

再次，我們對一個相當大的技術困難表示最誠摯的歉意。

Today with us 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 Joe Saunders； Visa 的首席財務官 Byron Pollitt。

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 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 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 on the company's filings with the SEC, which can be accessed through the SEC's website and in 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，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, 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 first quarter 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，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們的第一財季新聞稿隨附的財務和統計摘要中找到。

This release can also be accessed through the Investor Relations 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。

Thank you, Jack.

謝謝你，傑克。

As we begin our new fiscal year, I'm pleased to report that our first quarter results were indicative of both the continuing secular shift to electronic payments, especially debit, as well as some encouraging signs in spending domestically and internationally.

在我們開始新的財政年度之際，我很高興地報告，我們的第一季度業績表明電子支付（尤其是藉記卡）的持續長期轉變，以及國內和國際支出方面的一些令人鼓舞的跡象。

That being said, and consistent with our guidance expectations, it remains difficult to foresee how global economies will perform in the coming year, so we maintain cautious optimism about Visa's results over the balance of 2010.

話雖如此，並且與我們的指導預期一致，但仍難以預測未來一年全球經濟的表現，因此我們對 Visa 在 2010 年餘下時間的業績保持謹慎樂觀。

Earnings for our first fiscal quarter on a GAAP basis were $1.02 per diluted share, a 28% or 38% increase over the first quarter of 2009.

按公認會計原則計算，我們第一財季的收益為每股攤薄收益 1.02 美元，比 2009 年第一季度增長 28% 或 38%。

Net income on a GAAP basis was $763 million, a 33% increase over the year-ago period.

按公認會計原則計算的淨收入為 7.63 億美元，比去年同期增長 33%。

Recall that we will no longer be providing an adjusted basis for these metrics, but will adhere to the GAAP reported numbers going forward.

回想一下，我們將不再為這些指標提供調整後的基礎，但將繼續遵循 GAAP 報告的數字。

Net operating revenues in the quarter were just under $2 billion, a 13% increase over the year-ago period, and in line with our guidance as a result of solid payment value and [cross-quarter] volume growth as well as strong processed transaction growth.

本季度的淨營業收入略低於 20 億美元，比去年同期增長 13%，這與我們的預期相符，這得益於穩健的支付價值和 [跨季度] 交易量增長以及強勁的已處理交易生長。

For the first time in our quarterly reporting, we are providing global payment volume growth in our operational performance data pack for the quarter just ended.

在我們的季度報告中，我們首次在剛剛結束的季度的運營績效數據包中提供了全球支付量增長。

These results, which will still be recognized on a lag basis and reflected in fiscal second quarter service revenue, show encouraging improvement over the fiscal first quarter.

這些結果仍將滯後確認並反映在第二財季的服務收入中，與第一財季相比顯示出令人鼓舞的改善。

Process transactions continue to grow from the mid to high single-digit levels we saw over the course of fiscal 2009, ending the first quarter at 10.9 billion transactions, a 12% growth rate over the prior-year period and up 9% from the growth reported for the fiscal fourth quarter.

流程交易繼續從我們在 2009 財年看到的中高個位數水平增長，在第一季度結束時達到 109 億筆交易，比去年同期增長 12%，比增長增長 9%報告為第四財季。

I'm pleased that we are executing well against our business plan.

我很高興我們的業務計劃執行得很好。

As we expand our payments network -- growing issuers and acceptance locations, expanding our processing capabilities, and driving transactions with effective marketing programs -- we are able to make full advantage of the secular trend to digital currency and grow our business.

隨著我們擴展我們的支付網絡——增加發行人和接受地點，擴大我們的處理能力，並通過有效的營銷計劃推動交易——我們能夠充分利用數字貨幣的長期趨勢並發展我們的業務。

As a result, even in this difficult economic environment, we are generating solid earnings and returning excess cash flow to our shareholders.

因此，即使在這種困難的經濟環境中，我們也能產生可觀的收益並將多餘的現金流返還給我們的股東。

During the first quarter, we repurchased $432 million of our Class A shares under our previously announced $1 billion buyback plan at an average price of just under $79 a share.

在第一季度，我們根據之前宣布的 10 億美元回購計劃以每股略低於 79 美元的平均價格回購了 4.32 億美元的 A 類股票。

We will continue to execute on this buyback as conditions warrant.

如果條件允許，我們將繼續執行本次回購。

We also recently announced the unlocking of an additional 56 million shares of our class C stock, which will allow class C shareholders, primarily our international financial institution owners, the ability to further monetize their Visa investment ahead of the scheduled March 2011 unlock.

我們最近還宣布解鎖另外 5600 萬股 C 類股票，這將使 C 類股東，主要是我們的國際金融機構所有者，能夠在預定的 2011 年 3 月解鎖之前進一步將他們的 Visa 投資貨幣化。

This program has no dilutive effect on our earnings per share and is similar to the prior program we executed in July of last year.

該計劃對我們的每股收益沒有稀釋作用，與我們去年 7 月執行的先前計劃類似。

With that, let me turn the call over to Byron, who will take you through the details of our financial results, and I'll be back to share our views on the economic environment and our upcoming March investor day.

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，我會回來分享我們對經濟環境和即將到來的 3 月投資者日的看法。

Thank you, Joe.

謝謝你，喬。

As is customary, let me begin with the financial highlights for our first fiscal quarter, and then comment on the global payment volume trends for the current quarter, followed by transaction results for January.

按照慣例，讓我從第一財季的財務亮點開始，然後評論本季度的全球支付量趨勢，然後是一月份的交易結果。

As Joe already mentioned, it was a solid quarter with slightly higher than anticipated revenue growth, and earnings growth in line with our guidance.

正如喬已經提到的那樣，這是一個穩健的季度，收入增長略高於預期，盈利增長符合我們的指導。

As noted earlier, we began providing real time payment volume statistics this quarter.

如前所述，我們本季度開始提供實時支付量統計數據。

However, it is important to keep in mind that for the time being, we will continue to recognize current quarter service revenues on prior-quarter payment volume.

但是，重要的是要記住，就目前而言，我們將繼續根據上一季度的支付量確認當前季度的服務收入。

While it is our ultimate intent to recognize the associated revenue on a currency basis as well, that is still in the future.

雖然我們的最終意圖也是以貨幣為基礎確認相關收入，但這仍然是在未來。

Global payment volume growth for the September quarter, in constant dollars, rose from a positive 2% in the June quarter to 3%.

9 月季度的全球支付量增長（以固定美元計算）從 6 月季度的 2% 上升至 3%。

In the US, payment volume growth was a negative 1% in the September quarter, up from a negative 3% in the June quarter.

在美國，9 月季度的支付量增長為負 1%，高於 6 月季度的負 3%。

Debit again proved both its resiliency as a product and its secular appeal by delivering a positive 7% growth compared to 5% growth in the June quarter.

借記卡實現了 7% 的正增長，而 6 月份季度的增長為 5%，再次證明了其作為產品的彈性和長期吸引力。

Credit, while still challenged, improved to a negative 9% in the September period from a negative 10% in the June period.

信貸雖然仍面臨挑戰，但從 6 月期間的負 10% 改善至 9 月期間的負 9%。

On a constant dollar basis, rest of world payment volume grew at 8% in the September quarter, holding steady with the 8% rate delivered in the June quarter.

按固定美元計算，世界其他地區的支付量在 9 月季度增長了 8%，與 6 月季度的 8% 增長率持平。

These results reflect continued secular growth and a strong and healthy diversified country base outside of the US.

這些結果反映了持續的長期增長以及美國以外強大而健康的多元化國家基礎。

Global cross-border volume growth improved in the September quarter, posting a negative 5% growth rate on a constant dollar basis from the negative 8% rate in the June period.

全球跨境交易量增長在 9 月季度有所改善，從 6 月期間的 8% 負增長率按固定美元計算出現 5% 的負增長率。

Transactions processed over Visa's network totaled $10.9 billion in the fiscal first quarter, an increase of 12% over the similar period a year ago and up from 9% we saw in the September quarter.

第一財季通過 Visa 網絡處理的交易總額為 109 億美元，比去年同期增長 12%，高於 9 月季度的 9%。

Turning to the income statement, in our first fiscal quarter, gross revenues of $2.3 billion were up 16% from the similar period in 2009.

轉向損益表，在我們的第一財季，總收入為 23 億美元，比 2009 年同期增長 16%。

Volume and support incentives as a percentage of gross revenues came in at 16%, up from the prior-year's depressed level of 13%, and more indicative of what we can expect over the course of fiscal 2010 as payment volume growth improves versus the prior year.

數量和支持獎勵佔總收入的百分比為 16%，高於上一年的低迷水平 13%，這更能說明我們在 2010 財年的預期，因為支付量增長較上年有所改善年。

Net operating revenues in the quarter were almost $2 billion, a 13% increase over the operating revenues reported for the first fiscal quarter of 2009.

本季度淨營業收入接近 20 億美元，比 2009 年第一財季報告的營業收入增長 13%。

This was in line with our revenue guidance, though slightly ahead of the low end of an 11% to 15% range provided to you last quarter.

這符合我們的收入指導，但略高於上個季度提供給您的 11% 至 15% 範圍的低端。

The drivers were better than anticipated processed transaction growth and cross-border volume, as well as the continuing effective of previously disclosed pricing actions.

驅動因素好於預期的處理交易增長和跨境交易量，以及先前披露的定價行動的持續有效性。

Moving to the individual revenue line items for the quarter, service revenue was $827 million, up 4% over the prior-year period, and reflective of still relatively anemic payment volume growth in the quarter ending September.

轉向本季度的個人收入項目，服務收入為 8.27 億美元，比去年同期增長 4%，反映出截至 9 月的季度支付量增長仍然相對疲軟。

Data processing revenue was $765 million, up 38% over the prior year, based on strong processed transaction growth of 12% and the continuing effect of previously enacted pricing actions.

數據處理收入為 7.65 億美元，比上年增長 38%，這得益於 12% 的強勁處理交易增長以及先前製定的定價行動的持續影響。

International transaction revenues were up a solid 9% to $552 million, primarily due to an improvement in cross-border volumes during the periods.

國際交易收入增長 9% 至 5.52 億美元，主要是由於期間跨境交易量的改善。

The foreign exchange impact on revenue in the fiscal first quarter was neutral, due to the impact of our hedging activity.

由於我們對沖活動的影響，第一財季外匯對收入的影響是中性的。

At this point in the fiscal calendar, the balance of year revenue forecast is substantially hedged.

在財政日曆的這一點上，年度收入預測的餘額已被大幅對沖。

Our operating margin was 62%, but benefited from a onetime reversal of $41 million in litigation reserves, and from favorable timing in marketing spend.

我們的營業利潤率為 62%，但得益於一次性撤銷 4100 萬美元的訴訟準備金，以及營銷支出的有利時機。

The $41 million contraexpense in the quarter is related to the previously announced prepayment of the retailers' litigation settlement, which, by itself, represents 2 full percentage points of margin and contributed a nonrecurring $0.03 to the quarter's earnings per share.

本季度 4,100 萬美元的反向支出與先前宣布的零售商訴訟和解預付款有關，該預付款本身代表了 2 個完整百分點的利潤，並為本季度的每股收益貢獻了 0.03 美元的非經常性費用。

Total operating expenses for the first quarter were $743 million, a decline of $30 million or 4% year-over-year.

第一季度總運營費用為 7.43 億美元，同比下降 3000 萬美元或 4%。

These results benefited from the gain related to the retailers' litigation settlement mentioned earlier and $28 million in restructuring costs incurred in the prior year.

這些結果得益於前面提到的與零售商訴訟和解相關的收益以及上一年產生的 2800 萬美元的重組成本。

Our expectation continues to be that expenses on a full-year basis will be relatively flat to the 2009 level on a GAAP basis.

我們的預期仍然是全年支出將與 2009 年的 GAAP 水平相對持平。

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

在連續季度的基礎上，我們看到幾個項目的支出減少，包括人員、營銷和專業費用。

The lower personnel spending was primarily due to lower restructuring expenses and incentive accruals that the current quarter.

人員支出減少主要是由於本季度的重組費用和應計獎勵減少。

This quarter, we also reclassified certain contractor expenses to the personnel line that heretofore were characterized under professional and consulting fees.

本季度，我們還將某些承包商費用重新分類到了此前歸類為專業和諮詢費用的人事費用。

This reclassification was applied to each of the four quarters of fiscal 2009 and the full year 2008.

這種重新分類適用於 2009 財年的四個季度和 2008 年全年。

We have included a pro forma reconciliation of this with our press release financials to assist you in your modeling efforts.

我們已將其與我們的新聞稿財務數據進行了形式上的核對，以幫助您進行建模工作。

Marketing costs were sequentially lower.

營銷成本依次下降。

For context, we intentionally curtailed some media spend in the first quarter, while absorbing Winter Olympic production expenses in 2009's fiscal fourth quarter.

作為背景，我們在第一季度有意削減了一些媒體支出，同時在 2009 財年第四季度吸收了冬奧會的製作費用。

Media spend will increase in the second and third quarters around the Olympics and the FIFA World Cup event, both of which are major Visa sponsorships.

圍繞奧運會和 FIFA 世界杯賽事，媒體支出將在第二和第三季度增加，這兩個賽事都是 Visa 的主要贊助商。

Even with these investments aimed at activating our global sponsorship, we continue to see full-year marketing expense below $1 billion.

即使這些投資旨在激活我們的全球贊助，我們仍然看到全年營銷費用低於 10 億美元。

Professional and consulting fees declined sequentially as a result of higher spending in the prior quarter as we brought our new East Coast data center fully online.

由於上一季度支出增加，我們將新的東海岸數據中心全面上線，因此專業和諮詢費用環比下降。

Capital expenditures were $37 million in the quarter, representing ongoing investment in technology and our newer initiatives.

本季度的資本支出為 3700 萬美元，代表了對技術和我們新舉措的持續投資。

For fiscal 2010, we now expect capital expenditures to be around $200 million.

對於 2010 財年，我們現在預計資本支出約為 2 億美元。

Moving on to the balance sheet, we ended the first quarter in strong shape, with negligible debt and cash, cash and cash equivalents, restricted cash, and available-for-sale investments of $6 billion.

繼續看資產負債表，我們在第一季度結束時表現強勁，債務和現金、現金和現金等價物、受限現金以及可供出售的投資為 60 億美元，可忽略不計。

Of this total, $1.6 billion is restricted cash, which represents amounts sufficient to fully pay out the American Express settlement, with $1 billion that is currently uncommitted.

其中，16 億美元是受限現金，足以支付美國運通的和解金，其中 10 億美元目前尚未承諾。

As we previously announced in a press release two weeks ago and as Joe mentioned earlier, we will be unlocking 50% of the remaining outstanding class B shareholders, representing 56 million shares, which will further alleviate the class C overhang as we approach the ultimate unlock date of March 25th, 2011.

正如我們之前在兩週前的新聞稿中宣布的那樣，正如喬之前提到的，我們將解鎖剩餘的 50% 的剩餘流通 B 類股東，代表 5600 萬股，這將在我們接近最終解鎖時進一步緩解 C 類的過剩日期為 2011 年 3 月 25 日。

Now let me comment on December's payment volume data, and our early read on January.

現在讓我評論一下 12 月的支付量數據，以及我們在一月份的早期閱讀。

Then I'll cover our updated financial expectations for the balance of the year.

然後我將介紹我們對今年餘下時間的最新財務預期。

Global payment volume growth for the December quarter in constant dollars rose from a positive 3% in September to 8%.

12 月季度的全球支付量增長（以固定美元計）從 9 月的 3% 上升至 8%。

We experienced meaningful growth in all of our global regions.

我們在全球所有地區都經歷了有意義的增長。

In the US, payment volume growth was a positive 7% in the December quarter, up from a negative 1% in the September quarter.

在美國，12 月季度的支付量增長為 7%，高於 9 月季度的負 1%。

Debit continued to prove its resiliency as a product and its secular appeal by delivering a positive 15% growth compared to 7% growth in the September quarter.

借記卡實現了 15% 的正增長，而 9 月份季度的增長率為 7%，從而繼續證明其作為產品的彈性和長期吸引力。

Debit currently accounts for 54% of total US payment volume.

借記卡目前占美國總支付量的 54%。

Credit, while still challenged, rebounded to a negative 1% in the December period from a negative 9% rate in the September period.

信貸雖然仍面臨挑戰，但從 9 月份的負 9% 反彈至 12 月份的負 1%。

Looking to January, through the 28th of the month, US payment volume growth of 10% is above the fiscal fourth quarter rate of 7% and on par with December's month end -- December's 10% growth.

展望 1 月份，截至 28 日，美國支付量增長 10% 高於第四財季 7% 的增長率，與 12 月底的 10% 增長持平。

On a constant dollar basis, rest of world payment volumes grew at 10% in the December quarter, up from an 8% rate in the September quarter.

按固定美元計算，世界其他地區的支付量在 12 月季度增長了 10%，高於 9 月季度的 8%。

These results recognized continued secular growth and a strong and healthy diversified country base outside of the US.

這些結果認可了美國以外的持續長期增長和強大而健康的多元化國家基礎。

Global cross-border volume growth rebounded considerably in the December quarter, posting a 2% growth rate on a constant dollar basis from the negative 5% rate in the September period.

全球跨境交易量增長在 12 月季度顯著反彈，從 9 月期間的負 5% 增長率按固定美元計算增長 2%。

Growth in the month of December was an unexpectedly strong 4%.

12 月份的增長率出乎意料地強勁，達到了 4%。

Whether it is representative of a broader cyclical trend or just pent-up demand remains to be determined.

它是代表更廣泛的周期性趨勢還是只是被壓抑的需求仍有待確定。

Having said that, January cross-border volume growth on a constant basis showed further resiliency, posting a 9% rate of growth through the 28th of the month, up from the 4% rate for the month of December.

話雖如此，1 月份跨境交易量的持續增長顯示出進一步的彈性，截至 28 日的增長率為 9%，高於 12 月份的 4%。

Processed transactions through the 28th of January grew 13% over the prior-year period, up slightly from the 12% growth posted for the fiscal first quarter.

截至 1 月 28 日的已處理交易比去年同期增長 13%，略高於第一財季公佈的 12% 的增長。

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

現在讓我評論一下我們對下一財年的經營業績的預期以及對我們全年指導的影響。

Based on an encouraging first quarter, we are recasting our net revenue growth target for the year to be in the range of 11% to 15%, rather than at the low end of that range.

基於令人鼓舞的第一季度，我們將今年的淨收入增長目標重新設定在 11% 至 15% 的範圍內，而不是該範圍的低端。

Holding to our target range recognizes that our fiscal year is just underway, and global economic performance is still difficult to foresee.

堅持我們的目標範圍意味著我們的財政年度剛剛開始，全球經濟表現仍然難以預測。

We continue to target better than 20% earnings per share growth in 2010 on a GAAP basis, excluding the VisaNet Brazil gain, and a 2011 earnings per share growth goal of better than 20%.

我們繼續將 2010 年按公認會計原則計算的每股收益增長目標定在 20% 以上，不包括 VisaNet 巴西收益，以及 2011 年每股收益增長目標超過 20%。

We are raising our expectation for our full-year 2010 operating margin to the mid-to high 50s, up slightly from the mid-50s we initially targeted for this year.

我們將 2010 年全年營業利潤率的預期提高至 50 年代中期至 50 年代中期，略高於我們今年最初設定的 50 年代中期。

As mentioned earlier, increased marketing and advertising expenses in the next two quarters as well as further investments in our fewer initiatives will exert a downward bias on our margin for the balance of the year.

如前所述，未來兩個季度營銷和廣告費用的增加以及對我們較少計劃的進一步投資將對我們今年餘下的利潤產生下行偏見。

Based on a better understanding of our tax outlook, we now expect our full-year 2010 tax rate to be in the range of 36.5% to 38.5%, rather than the 38% to 39% range with which we began the year.

基於對我們稅收前景的更好理解，我們現在預計 2010 年全年稅率將在 36.5% 至 38.5% 之間，而不是年初時的 38% 至 39% 範圍內。

Capital expenditures are now expected to be around $200 million, at the low of our initial range of $200 million to $250 million, and our projection for free cash flow for the year remains north of $2 billion, which is net of the $682 million prepayment we made in the quarter on the previously settled retailers' litigation.

現在預計資本支出約為 2 億美元，處於我們最初的 2 億美元至 2.5 億美元範圍的低點，我們對今年自由現金流的預測仍保持在 20 億美元以上，這是我們預付的 6.82 億美元的淨額。本季度就先前和解的零售商訴訟作出。

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, at this point I'm sure you are sensing an underlying theme of appropriate cautiousness in our comments, and you should.

謝謝拜倫，在這一點上，我確信您在我們的評論中感受到了適當謹慎的潛在主題，您應該這樣做。

While there is no question that we feel positive about Visa's position in light of what is still a challenging economic picture, it's difficult to predict when a sustained recovery will be underway.

雖然毫無疑問，鑑於仍充滿挑戰的經濟形勢，我們對 Visa 的立場感到樂觀，但很難預測何時會開始持續復甦。

As the ongoing secular shift to electronic payment continues, a significant portion of our marketing and advertising activities are squarely aimed at positively influencing that shift to Visa products.

隨著持續向電子支付的長期轉變，我們的很大一部分營銷和廣告活動旨在積極影響向 Visa 產品的轉變。

We saw strong growth in debit with positive comparables in certain categories of spend like fuel and reoccurring bill pay adding to that growth.

我們看到借方強勁增長，燃料和經常性賬單支付等某些支出類別的可比性為正，增加了這一增長。

We saw better than anticipated international and cross-border volumes, but we're not clear if those are improving volumes representing a rebound, or simply pent-up demand as Byron mentioned.

我們看到國際和跨境交易量好於預期，但我們不清楚這些交易量的增加是否代表反彈，或者只是拜倫所說的被壓抑的需求。

We believe any recovery will take time and will likely have a few bumps along the way.

我們認為，任何復蘇都需要時間，並且在此過程中可能會遇到一些顛簸。

A complete turnaround in the US will arguably take even longer.

美國的徹底轉變可能需要更長的時間。

Things like continuing high unemployment and underemployment, high levels of consumer debt that restrain consumer confidence will keep a lid on overall spending and payments growth, especially credit for the foreseeable future.

持續的高失業率和就業不足、抑制消費者信心的高水平消費者債務等因素將抑制整體支出和支付增長，尤其是在可預見的未來。

So at this point in time we are continuing to focus on the initiatives that allowed us to get through this recession up to now in good shape.

因此，在這個時間點上，我們將繼續專注於使我們能夠以良好狀態度過這次衰退的舉措。

Focusing on costs, efficiencies, and making the right investments for the future will allow us to fully take advantage of our business models as economies around the world gain ground.

關注成本、效率並為未來做出正確的投資將使我們能夠在全球經濟發展的過程中充分利用我們的商業模式。

More importantly, it will set the stage for success over the longer term as the payments industry continues to evolve globally.

更重要的是，隨著支付行業在全球範圍內不斷發展，它將為長期成功奠定基礎。

At our upcoming investor day in March, we will be providing you greater insights into our long term growth strategy.

在即將到來的 3 月投資者日，我們將為您提供有關我們長期增長戰略的更深入見解。

Specifically, we will explore the six key elements to this strategy, including our local market focus, products and services, processing, brand, clients, and acceptance.

具體來說，我們將探討該戰略的六個關鍵要素，包括我們的本地市場重點、產品和服務、加工、品牌、客戶和接受度。

And we'll discuss how the investment decisions we are making today will help us achieve our longer-term growth objectives.

我們將討論我們今天做出的投資決策將如何幫助我們實現長期增長目標。

As part of investor day, various members of our Management team will present on their respective areas of expertise to illustrate how the elements of our strategy tie together.

作為投資者日的一部分，我們管理團隊的各個成員將介紹他們各自的專業領域，以說明我們的戰略要素如何結合在一起。

We're looking forward to engaging in the strategic discussion with you.

我們期待與您進行戰略討論。

And of course, we welcome your input on the agenda for the investor day and encourage you to reach out to our Investor Relations team on any specific areas of interest or concern you would like to see covered.

當然，我們歡迎您對投資者日議程提出意見，並鼓勵您就您希望看到的任何特定領域的興趣或關注與我們的投資者關係團隊聯繫。

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）。

One moment, please, for the first question.

請稍等片刻，回答第一個問題。

Our first question comes from Adam Frisch from Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Adam Frisch。

Your line is open.

你的線路是開放的。

Hi, guys.

嗨，大家好。

Good afternoon.

下午好。

Good afternoon.

下午好。

Professional and consulting expense, Byron, you explained why it was a little bit lower year-over-year, but it is actually the one line item we would like to see increase a lot, given that's where the bulk of the product and R&D spend is.

專業和諮詢費用，拜倫，你解釋了為什麼它比去年同期略低，但它實際上是我們希望看到增加很多的一個項目，因為這是大部分產品和研發支出的地方是。

So what is the trend there in terms of the investment in product and R&D?

那麼在產品和研發方面的投入有什麼趨勢呢？

And would you consider breaking out those investments in a separate line item going forward, so investors can get a better feel for resource allocation?

您是否會考慮將這些投資拆分為一個單獨的項目，以便投資者更好地了解資源分配？

Once we normalize out the professional consulting expense associated with getting the new data center open, which is now fully operational and live, we should be managing that up as we continue to invest in expanding our infrastructure and capabilities as well as new product investments.

一旦我們將與開放新數據中心相關的專業諮詢費用正常化，該數據中心現已全面運營並投入使用，我們應該在繼續投資擴大基礎設施和能力以及新產品投資的同時對其進行管理。

With regards to breaking that out to give more visibility to the type of expense that's going against future growth, great question.

關於打破這一點以更清楚地了解不利於未來增長的費用類型，這是一個很好的問題。

We have that under consideration, and will seriously consider that, perhaps later in the year.

我們正在考慮這一點，並將認真考慮，也許在今年晚些時候。

You should remember that that line item includes all of our legal expenses for litigation, and we had a lot of that last year.

您應該記住，該項目包括我們所有的訴訟法律費用，去年我們有很多。

Our next question comes from Jason Kupferberg from UBS.

我們的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, I had a quick question and a clarification if I could.

謝謝，如果可以的話，我有一個快速的問題和澄清。

My question is just to what extent are you seeing issuers reengage and start promoting credit products more actively, and how much of that activity might be directed towards the affluent end of the market?

我的問題是，您在多大程度上看到發行人重新參與並開始更積極地推廣信貸產品，以及這些活動中有多少可能針對市場的富裕端？

We're also hearing more about increased mailings appearing over the last two months of 2009, and my clarification is can you give a split on your US payment volume for January between credit and debit within that, plus 10%?

我們還聽到更多關於 2009 年最後兩個月出現的郵件增加的消息，我的澄清是，您能否將 1 月份的美國付款量在其中的貸方和借方之間進行拆分，再加上 10%？

Well, it -- to answer the first part of your question, and I'll let Byron answer the second part of it -- I think that there is considerable interest in the higher end of the retail market.

好吧，它 - 回答你問題的第一部分，我會讓拜倫回答它的第二部分 - 我認為對零售市場的高端有相當大的興趣。

I don't think there's any question about that.

我不認為有任何問題。

And there is some evidence that there's a little bit more activity on the solicitation front, but I would say it's way to early to say things have turned around, and we're back to something that's close to where we were maybe a 1.5 to two years ago.

並且有一些證據表明在徵集方面有更多的活動，但我想說現在說事情已經好轉還為時過早，我們回到了接近我們可能是 1.5 到 2幾年前。

Let me give you a little color upon US debit and credit, and give you a little bit of historical trending by month, and then end of January, so you can see the progress.

讓我給你一點關於美國借記和貸記的顏色，然後按月給你一點歷史趨勢，然後是一月底，這樣你就可以看到進展了。

If we were to go back to October, credit grew in the US at minus 4%, November minus 2%, and then December actually turned positive 2%.

如果我們回到 10 月，美國的信貸增長率為負 4%，11 月為負 2%，然後 12 月實際上轉為正 2%。

January month to date through the 28th, positive 1%.

1月至今至28日，正1%。

If we were to do the same chronology for debit, October debit payment volume growth for the US was positive 12%, moved to positive 15% in November, positive 19% in December, and is holding at positive 19% January month to date.

如果我們對借方做同樣的時間順序，10 月份美國的借方支付量增長為正 12%，11 月為正 15%，12 月為正 19%，1 月至今保持正 19%。

Our next question comes from Julio Quinteros from Goldman Sachs.

我們的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。

Can you just characterize a little bit on what you are seeing in terms of the impact of the Card Act, and what they that might be doing relative to your pricing strategies or anything that you guys might be feeling as a result of the legislation at this point?

您能否簡單描述一下您所看到的《卡片法》的影響，以及他們可能對您的定價策略或您可能因立法而感受到的任何事情所做的事情觀點？

Well, I think as we have said before, the Card Act has an indirect effect on us, but not a direct effect, and you are asking a question that is difficult for me to answer.

嗯，我認為正如我們之前所說，《卡片法》對我們有間接影響，但不是直接影響，你問的是一個我很難回答的問題。

I think it would be more appropriately answered by our financial institution customers.

我認為我們的金融機構客戶會更恰當地回答。

I mean, having said that, Byron just went over the gross statistics on the credit card business compared to the debit card business, and I think it's clear that it's not -- it's not growing at anything close to the rates that it historically has.

我的意思是，話雖如此，拜倫只是回顧了信用卡業務與借記卡業務相比的總統計數據，我認為很明顯它不是——它的增長速度沒有接近它的歷史水平。

And obviously some of that -- a lot of that has to do with the economy, and a lot of it has to do with the rules and regulations that they operate in.

很明顯，其中一些——很多與經濟有關，其中很多與他們運作的規則和法規有關。

Next question comes from Craig Maurer at CLSA.

下一個問題來自里昂證券的 Craig Maurer。

Your line is open.

你的線路是開放的。

Good afternoon.

下午好。

Question about -- you had mentioned growth in recurring bill pay.

關於的問題 - 你提到了經常性賬單支付的增長。

I was wondering if you had any progress in terms of getting utilities to sign on for that product?

我想知道您在讓公用事業註冊該產品方面是否有任何進展？

I think we have had pretty consistent growth in that category over the last several years.

我認為在過去幾年中，我們在該類別中的增長相當穩定。

I can't tell you exactly what percent of that category it is.

我不能確切地告訴你它佔該類別的百分比。

It's something that you might want to follow up with Jack on.

這是你可能想要跟進傑克的事情。

Okay.

好的。

Thanks.

謝謝。

Our next question comes from Chris Brendler from Stifel Nicolaus.

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

Your line is open.

你的線路是開放的。

Mr.

先生。

Brendler, your line is open.

布倫德勒，你的電話是開放的。

Our next question comes from Sanjay Sakhrani from KBW, your line is open.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani，您的線路是開放的。

Thank you.

謝謝你。

Byron, I was wondering if you could just quantify the seasonality of the marketing step in year in terms of magnitude.

拜倫，我想知道你是否可以用數量級來量化營銷步驟的季節性。

And just the tax rate, should we assume that we would build off of that in terms of migrating lower in 2011?

就稅率而言，我們是否應該假設我們會在 2011 年遷移到更低的水平？

Thanks.

謝謝。

On the marketing side, the way we have tried to be helpful here is that the one -- the first quarter is low spending for the year.

在營銷方面，我們試圖在這裡提供幫助的方式是——第一季度是今年的低支出。

We will increase marketing in the second fiscal quarter, marketing spending.

我們將在第二財季增加營銷、營銷支出。

Think of that as Winter Olympics driven.

把它想像成冬奧會的驅動力。

Then third quarter we'll be increasing marketing spend relative to the first quarter.

然後第三季度我們將相對於第一季度增加營銷支出。

Think of that as FIFA World Cup.

把它想像成國際足聯世界杯。

So this -- the marketing spend, which is under $1 billion was the guidance for the year, is much more oriented to the middle two fiscal quarters, with the first quarter probably being the lightest.

因此，今年指導的營銷支出低於 10 億美元，更多地面向中間兩個財政季度，第一季度可能是最輕的。

If you switch to the tax rate -- so we have reguided the tax rate into a range of 36.5% to 38.5%, so that follows the trajectory that we outlined during our IPO presentation of ultimately aiming to be in the 35% to 36% range, so we consider that a journey.

如果你切換到稅率——所以我們將稅率重新調整到 36.5% 到 38.5% 的範圍內，這樣就遵循了我們在 IPO 演示中概述的最終目標是 35% 到 36% 的軌跡範圍，所以我們認為這是一個旅程。

We have yet to process what the administration's recent tax proposals are, and of course that guidance was not enlightened by those tax proposals, so I would say stay tuned on what 2011, 2012, and beyond will ultimately yield, but we remain on the trajectory of getting in to that 35% to 36% range that we talked about from inception.

我們還沒有處理政府最近的稅收提案，當然，這些稅收提案並未對指導意見有所啟發，所以我想說請繼續關注 2011 年、2012 年及以後最終會產生什麼，但我們仍然在軌道上進入我們從一開始就談到的 35% 到 36% 的範圍。

Next question from Rod Bourgeois from Bernstein.

來自伯恩斯坦的 Rod Bourgeois 的下一個問題。

You line is open.

你的線路是開放的。

Yes, guys, you just posted 13% revenue growth, very strong volume growth, and also improving revenue yield, and we're at the beginning of what seems to be an upturn in the economy, and so your current revenue growth run rate is at the midpoint of your new revenue growth guidance.

是的，伙計們，你們剛剛發布了 13% 的收入增長，非常強勁的銷量增長，而且還提高了收入收益率，我們正處於經濟好轉的開始，所以你們目前的收入增長率是在您的新收入增長指導的中點。

I was wondering if you could just handicap or talk to us about what would have to happen for your revenue growth to come in at the low end of your revenue range?

我想知道您是否可以限製或與我們討論如何才能使您的收入增長進入收入範圍的低端？

And then what would have to happen to be at the high end or above the upper end of your range?

那麼在你範圍的高端或高端之上會發生什麼？

Because it seems if the cyclical trends continue just to run on their current pace, you might actually be able to exceed your latest revenue guidance range, or maybe I'm looking at that the wrong way?

因為如果週期性趨勢繼續以目前的速度運行，您實際上可能能夠超出您最新的收入指導範圍，或者我可能看錯了？

So I'm wondering if you could handicap that for us?

所以我想知道你是否可以為我們設置障礙？

Well, I mean I think that we said on a number of occasions that we're comfortable with our guidance, and we're maintaining cautious optimism.

好吧，我的意思是，我認為我們多次表示我們對我們的指導感到滿意，並且我們保持謹慎樂觀。

We think that we did better in the first quarter than we thought we were going to do.

我們認為我們在第一季度的表現比我們想像的要好。

We don't know whether that level of activity is sustainable, and I'm a little bit conservative in that I'm not ready to predict where the economy is going, and so it's hard for me to answer that question.

我們不知道這種活動水平是否可持續，而且我有點保守，因為我還沒有準備好預測經濟的走向，所以我很難回答這個問題。

What I can answer is given the environment that we're operating in today, we're comfortable with the guidance that we have given.

我可以回答的是，鑑於我們今天所處的環境，我們對我們提供的指導感到滿意。

Next question comes from Bruce Harting from Barclays Capital.

下一個問題來自巴克萊資本的 Bruce Harting。

Your line is open.

你的線路是開放的。

Can you just compare and contrast the credit trends in US versus rest of world in terms of the growth rates that you are seeing?

您能否就您所看到的增長率比較和對比美國與世界其他地區的信貸趨勢？

And then to the degree that we can give any outlook to next -- 2011 on the expense line?

然後在多大程度上我們可以對下一個 - 2011 年的支出線給出任何展望？

Ordinarily companies with the kind of growth you're having are matching that off with some kind of expense growth, but you're able to hold the line on expense and marketing this year.

通常情況下，具有您所擁有的那種增長的公司會將其與某種費用增長相匹配，但您今年能夠在費用和營銷方面保持領先。

And still as a last question, alluded to -- give the appearance, at least through first quarter that you're well ahead of your targets.

仍然作為最後一個問題，暗示 - 至少在第一季度表現出你遠遠領先於目標。

So if you could just comment on those?

所以，如果你可以評論這些？

Thanks.

謝謝。

Let me start with the credit trends.

讓我從信貸趨勢開始。

So using rest of world as the proxy for what you are asking about, the rest of world considered on a constant dollar basis, the growth trends in credit, credit alone -- so this would exclude debit -- credit alone, never turned negative.

因此，以世界其他地區為代表，以不變美元為基礎考慮世界其他地區，信貸增長趨勢，僅信貸 - 所以這將排除借方 - 僅信貸，從未變為負數。

It did drop from high double-digit growth in to mid-single-digit growth, which is where, I would say -- that's what we're looking at for the quarter just ended.

它確實從兩位數的高增長下降到了中個位數的增長，這就是我想說的——這就是我們在剛剛結束的季度所看到的。

It -- in December, and on a slight upward trend for rest of world.

它——在 12 月，世界其他地區呈小幅上升趨勢。

But we're still in that mid-to upper single-digit credit growth.

但我們仍處於中高個位數的信貸增長中。

If you look at all products, credit plus debit, then you are right around 10% growth for the quarter just ended -- that would be the quarter just ended in December.

如果您查看所有產品，信貸加借記卡，那麼剛剛結束的季度您的增長率約為 10% - 那就是剛剛結束的 12 月的季度。

Next question comes from Tien-Tsin Huang from JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

Thanks.

謝謝。

I wanted to ask about debit, which accelerated more than we expected, both in the US and overseas.

我想問一下借記，它在美國和海外的加速比我們預期的要快。

I guess a couple of questions there.

我想那裡有幾個問題。

Was there anything unusual to consider, like new wins cycling through?

有沒有什麼不尋常的事情需要考慮，比如新的勝利循環？

I'm just trying to get a better sense of same-store growth.

我只是想更好地了解同店增長。

And secondly, I was curious if you were seeing any signs of debit cannibalizing credit?

其次，我很好奇你是否看到任何借方蠶食信貸的跡象？

Well, I don't know how you would define whether debit cannibalizes credit or not.

好吧，我不知道您如何定義借方是否會蠶食貸方。

I mean, obviously debit is growing more quickly than credit, and I think that's the nature of the economic environment that we're living in.

我的意思是，顯然借記卡的增長速度快於貸記卡，我認為這就是我們所生活的經濟環境的本質。

I think that the question is to what extent will the credit volume accelerate as the economy improves?

我認為問題是隨著經濟的改善，信貸量會加速到什麼程度？

And I think until that happens, it's going to be hard to measure the balance between the two of them.

而且我認為在這種情況發生之前，很難衡量他們兩者之間的平衡。

I mean, we obviously remain very encouraged about our debit growth, but we're frankly also encouraged with what is going on with the credit product in the world outside of the United States particularly, but we're not particularly discouraged about what is going on in the US.

我的意思是，我們顯然對我們的借方增長感到非常鼓舞，但坦率地說，我們也對美國以外的世界信貸產品的發展感到鼓舞，但我們對正在發生的事情並不特別沮喪在美國。

Was there another part of the question?

問題的另一部分嗎？

Did I answer your question?

我回答你的問題了嗎？

Next question, please, operator?

請問下一個問題，接線員？

Your next question comes from Dan Perlin from RBC Capital.

您的下一個問題來自 RBC Capital 的 Dan Perlin。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Good evening.

晚上好。

I was wondering if you would give us some update as it pertains to the enhanced checkout services you guys had been talking about in the past, and then the other EC initiatives, e-commence initiatives that you have been spending a fair bit of money on?

我想知道你是否會給我們一些更新，因為它與你們過去一直在談論的增強結賬服務有關，然後是其他 EC 舉措，你們已經花了相當多錢的電子商務舉措?

Thanks.

謝謝。

Well, I think the enhanced checkout is something that we're pretty excited about, and we intend to roll that out in a very big in about six weeks.

好吧，我認為增強的結賬功能是我們非常興奮的事情，我們打算在大約六週內大規模推出。

So I think I'll leave that until investor day presentation.

所以我想我會把它留到投資者日演講之前。

But I will -- I will tease you by telling you we're extremely excited about it, and we think it will be a big deal.

但我會 - 我會通過告訴你我們對此感到非常興奮來取笑你，我們認為這將是一件大事。

And we continue to invest in that, and other electronic payment improvements, whether they are in the internet space or the mobile space or anyone of a number of other things.

我們繼續投資於這方面，以及其他電子支付的改進，無論是在互聯網領域、移動領域還是其他許多領域。

Byron mentioned that probably beginning in our March investor day, we'll break out what we're spending on what a little bit more clearly than we have up to now, but I will remind you that we have committed to spending $150 million to $200 million on new product development this year, and I think that we'll get there.

拜倫提到，可能從 3 月的投資者日開始，我們會比現在更清楚地說明我們的支出，但我會提醒你，我們已承諾花費 1.5 億至 200 美元今年在新產品開發上投入了 100 萬美元，我認為我們會做到的。

Our next question comes from Jim Kissane from Banc of America.

我們的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。

Thanks.

謝謝。

Joe, can you comment on the competitive environment and your recent loss of a debit portfolio?

喬，你能評論一下競爭環境和你最近失去的借方投資組合嗎？

Thanks.

謝謝。

And maybe just a follow-up, an update on the conversion of the WaMu portfolio, and the timing of the SunTrust roll-off?

也許只是後續行動、WaMu 投資組合轉換的更新以及 SunTrust 推出的時間安排？

Thanks.

謝謝。

Well, I think that we've said for a long time on a lot of these calls that you should expect that sooner or later, we're going to lose a customer, and that's exactly what happened.

好吧，我認為我們在很多此類電話中已經說過很長時間了，您應該期望遲早我們會失去一位客戶，而這正是發生的事情。

We like to believe that we're disciplined as it relates to what we're willing to do, and how far we're willing to go, and I think that this is a case in point.

我們喜歡相信我們有紀律，因為這與我們願意做什麼以及我們願意走多遠有關，我認為這就是一個很好的例子。

So I'm unhappy that we lost a customer.

所以我很不高興我們失去了一個客戶。

We don't lose very many.

我們不會失去很多。

We have gained a lot more than we have lost, but that being said, it's a tough competitive environment, and as I have also said on a number of occasions, MasterCard is a good company, and they are -- just consistently get beat on every deal that there is.

我們得到的比失去的多得多，但話雖如此，這是一個艱難的競爭環境，而且正如我在很多場合所說的那樣，萬事達卡是一家很好的公司，而且他們——只是不斷地被擊敗每一筆交易。

As it relates to the WaMu portfolio, I think we're just beginning to see -- we're only at the very early stages of beginning to see any volume.

由於它與 WaMu 投資組合有關，我認為我們才剛剛開始看到 - 我們只是處於開始看到任何數量的早期階段。

The conversion is going on.

轉換正在進行中。

I think it's pretty de minimis in the numbers that you are looking at for this quarter, particularly since the service revenues are lag.

我認為您在本季度看到的數字非常低，特別是因為服務收入滯後。

I would say as it relates to SunTrust that I don't know what their conversion schedule is, but I believe it will take a reasonable amount of time to fully divest themselves.

我會說，因為它與 SunTrust 有關，我不知道他們的轉換時間表是什麼，但我相信完全剝離自己需要合理的時間。

Our next question comes from Tom McCrohan from Janney.

我們的下一個問題來自 Janney 的 Tom McCrohan。

Your line is open.

你的線路是開放的。

Hi, good afternoon.

你好，下午好。

Joe, can you prioritize your strategic initiatives beyond this year, as far as how you are going to generate long-term revenue growth outside of the secular shift from cash and check to electronic payments, one of those initiatives obviously being trying to position Visa as best possible for growth outside the United States.

喬，您能否優先考慮今年以後的戰略計劃，以及您將如何在從現金和支票到電子支付的長期轉變之外產生長期收入增長，其中一項計劃顯然是試圖將 Visa 定位為最有可能在美國以外的地方增長。

Just wondering how you are thinking about that?

只是想知道你是怎麼想的？

Because given that everyone keeps talking about the secular shift, secular shift -- that is going to slow at some point.

因為鑑於每個人都在談論世俗的轉變，世俗的轉變——在某個時候會放緩。

And it seems like there are a lot more powerful trends outside of the US.

似乎在美國之外還有很多更強大的趨勢。

Just want to see how you're thinking about that, thanks.

只是想看看你是怎麼想的，謝謝。

We would ride the secular shift for quite a while if we did it appropriately.

如果我們做得恰當，我們會在很長一段時間內經歷長期轉變。

But you are right, there is a lot more to it than that.

但你是對的，它的意義遠不止於此。

I don't think I could even begin to answer that question, and do it justice in the amount of time we have.

我認為我什至無法開始回答這個問題，並在我們所擁有的時間內做到公正。

But once again, I would encourage you and everybody else to attend our investor conference, because I do intend, and we do intend to expand a great deal on this subject.

但再一次，我會鼓勵你和其他所有人參加我們的投資者會議，因為我確實打算，而且我們確實打算在這個主題上進行大量擴展。

And it's -- it's worth listening to, and it will take a little time, but I can assure you if you come, the trip will be worthwhile.

而且它 - 值得一聽，這需要一點時間，但我可以向你保證，如果你來，這次旅行將是值得的。

Our next question comes from David Parker from Lazard.

我們的下一個問題來自 Lazard 的 David Parker。

Your line is open.

你的線路是開放的。

Yes, good afternoon.

是的，下午好。

I was hoping you could update us on the Canadian market.

我希望你能更新我們關於加拿大市場的信息。

And specifically the Finance Minister up there has established some current voluntary code of conduct that you and others have responded to.

特別是上面的財政部長已經制定了一些當前的自願行為準則，您和其他人已經對此做出了回應。

But is that -- any sense for the outcome of that and has that changed your strategy or your timing for entering that market more aggressively?

但這對結果有任何意義嗎？這是否改變了您的策略或您更積極地進入該市場的時機？

I think that we're in a period of -- well, I'll call it a period of reflection right now, and I don't think it will move quite as aggressively as we might have hoped.

我認為我們正處於一個時期——好吧，我現在稱之為反思時期，而且我認為它不會像我們希望的那樣激進。

But having said that, these rules in general are quite acceptable to us, and I think that the one or two sticking points that will be resolved and I think that we'll proceed in to the market, but I can't give you specifics, or specific timing as it relates to that.

但是話雖如此，這些規則總體上對我們來說是可以接受的，我認為會解決一兩個癥結，我認為我們會進入市場，但我不能給你具體，或與之相關的特定時間。

I guess I'll just have to leave you with the thought that we're still sure that we will be in the debit market in Canada at some time in the not terribly distant future.

我想我只需要讓您想到我們仍然確信我們將在不遠的將來某個時候進入加拿大的借記卡市場。

Our next question comes from Tim Willi from Wells Fargo.

我們的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。

Good afternoon.

下午好。

A question around debit or Q parts.

關於借方或 Q 部分的問題。

Number 1 were there any portfolio conversions in 1Q that helped to drive such strong growth and cards issued?

第一，第一季度是否有任何投資組合轉換有助於推動如此強勁的增長和發卡？

It looks like there probably was.

看起來可能有。

And second, just within the debit business, and the strong growth and what appears to be accelerating growth, is there any -- are there any strategic or product driven initiatives within Visa or the large issuers that you are aware of that could be setting the stage for more than just a cyclical rebound, but maybe a lot more life in the debit market than maybe was previously thought?

其次，就借記業務而言，強勁的增長以及似乎正在加速增長的情況，是否有任何 - 在 Visa 或您知道的大型發行人內部是否有任何戰略或產品驅動的舉措可能會設置階段不僅僅是周期性反彈，但藉記市場的生命可能比以前想像的要多得多？

Well, okay.

哦，那好吧。

So to answer the first part of the question, we have looked at this quite carefully, and there is no effect of adding other portfolios in our numbers in this quarter.

因此，為了回答問題的第一部分，我們已經非常仔細地研究了這一點，在本季度的數據中添加其他投資組合沒有任何影響。

All right.

好的。

The growth is real growth, not growth because we added a customer.

增長是真正的增長，而不是因為我們增加了一個客戶而增長。

To answer the second part of your question, it seems to me that when I look at retail services, and financial institutions, that there is a more holistic customer experience type of movement that's going on.

為了回答您問題的第二部分，在我看來，當我查看零售服務和金融機構時，正在發生一種更全面的客戶體驗類型的運動。

I think it's a share of wallet movement.

我認為這是錢包運動的一部分。

I think it is an effort by financial institutions to embrace individual customers over a wide array of products, and making sure that these things complement each other.

我認為這是金融機構在廣泛的產品中擁抱個人客戶的努力，並確保這些東西相互補充。

And so I think you'll see things begin to happen that are a little bit different than I think you'll see -- I believe that you'll see some focus on encouraging transactions and encouraging consolidation within a financial institution.

所以我認為你會看到開始發生的事情與我認為你會看到的有點不同——我相信你會看到一些重點放在鼓勵交易和鼓勵金融機構內的整合上。

But I am not a financial institution, and I cannot speak for them.

但我不是金融機構，我不能代表他們說話。

And there is a lot going on in every major financial institution in this country as a result of the economy we find ourselves in, and the rules and regulations that they live by.

由於我們所處的經濟環境以及他們賴以生存的規則和法規，這個國家的每個主要金融機構都發生了很多事情。

So I would encourage you to continue to ask them the same questions, and see what they say.

所以我鼓勵你繼續問他們同樣的問題，看看他們怎麼說。

Our next question comes from Roger Smith from Macquarie.

我們的下一個問題來自麥格理的羅傑史密斯。

Your line is open.

你的線路是開放的。

Thanks very much.

非常感謝。

I just know that there's a number of licensing fees in the other line, and I was just wondering is there something unique going on there that quarter?

我只知道另一行有很多許可費，我只是想知道那個季度那裡有什麼獨特的事情嗎？

And then the second part I guess is that you did give us the trends in the US, but was there anything specific that happened in those businesses that did cause you to increase your guidance?

然後我猜第二部分是您確實向我們提供了美國的趨勢，但是在那些確實導致您增加指導的業務中發生了什麼具體的事情嗎？

I mean, relative to what you guys had been expecting, what is changing?

我的意思是，相對於你們所期待的，發生了什麼變化？

Well, I think that there's a little bit more pickup than we anticipated.

嗯，我認為比我們預期的要多一點。

There's clearly more pickup in the cross-border volume than what we had anticipated.

跨境交易量顯然比我們預期的要多。

So we're pleasantly surprised in that regard, and as relates to your first question --

所以我們在這方面感到驚喜，關於你的第一個問題——

Let me take -- you're referring to the other revenue.

讓我接受 - 你指的是其他收入。

We -- there are a couple of drivers there that are worth putting out.

我們 - 那裡有幾個值得推出的驅動程序。

The first one is, we have an arrangement with many of our clients where we handle their rewards redemptions, and we refer to these as pass-through revenues or expenses.

第一個是，我們與許多客戶達成了一項安排，我們處理他們的獎勵兌換，我們將這些稱為傳遞收入或費用。

And so there has been a pickup in our redemptions over the past year.

因此，在過去的一年裡，我們的贖回有所增加。

That was true for this quarter, and that pickup is the single largest driver of the growth rate in other revenue, and that comes with an equal -- roughly an equal offset in expense.

本季度的情況確實如此，而且這種回升是其他收入增長率的最大推動力，並且伴隨著相等的 - 大致相等的費用抵消。

There is some licensing -- some new licensing revenue in this category, and this comes from arrangements that we have entered into with the entity we referred to as VisaNet Brazil.

有一些許可——這一類別中有一些新的許可收入，這來自我們與我們稱為 VisaNet 巴西的實體達成的安排。

And at the time they went public -- up to the time they went public, they would pay us regular dividends.

在他們上市的時候——直到他們上市的時候，他們會定期向我們支付股息。

And so the dividends stopped because our share ownership was sold, but instead we are now receiving licensing fees, and they -- those licensing fees occur -- appear in other revenue.

因此，由於我們的股權被出售，股息停止了，但我們現在收到了許可費，而且它們——這些許可費發生了——出現在其他收入中。

The dividends that we used to receive were appearing in other income.

我們過去收到的股息出現在其他收入中。

And those are the two principal drivers for that growth.

這些是這種增長的兩個主要驅動力。

Our next question comes from Robert Dodd from Morgan Keegan.

我們的下一個問題來自 Morgan Keegan 的 Robert Dodd。

Your line is open.

你的線路是開放的。

Hi, guys just on the pricing that you put forward.

嗨，伙計們，就您提出的價格而言。

If I remember right, you took a price increase in the September quarter in data processing.

如果我沒記錯的話，您在 9 月季度的數據處理方面價格上漲。

So seeing that, should we be expecting basically lapping of that in the fourth fiscal quarter this year the slowdown in revenue?

因此，看到這一點，我們是否應該期待今年第四財季收入放緩？

Or do you have other material pricing initiatives underway to offer that lapping effect?

或者您是否正在採取其他材料定價計劃來提供這種研磨效果？

Well, the one that you are talking about, we would lap in the fourth quarter.

好吧，您正在談論的那個，我們將在第四季度進行。

We have given guidance on [we'll] expect pricing increases to generate this year in our current guidance that -- I don't think that that would cover the shortfall.

我們已經給出了[我們]預計今年在我們目前的指導中會產生價格上漲的指導——我認為這不能彌補不足。

We have always pointed that out.

我們一直指出這一點。

As it relates to anything else at the point in time that we make any decision as it relates to that pricing, and whether or not it will affect our guidance, we'll disclose that immediately.

由於它與我們做出與該定價相關的任何決定時的其他任何事情有關，以及它是否會影響我們的指導，我們將立即披露。

Operator, at this time we probably have time for one more call or one more question.

接線員，這個時候我們可能有時間再打一個電話或再問一個問題。

Our last question comes from Bob Napoli from Piper Jaffray.

我們的最後一個問題來自 Piper Jaffray 的 Bob Napoli。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

Another question on debit.

關於借記的另一個問題。

We look at some banks that put our their debit spending numbers, and your spending numbers are much higher than -- on debit are much higher than the banks.

我們看看一些銀行，他們把我們的借方支出數字放在我們的借方支出數字上，而你的支出數字遠高於——借方比銀行高得多。

And so I'm wondering is -- where are you seeing that?

所以我想知道的是——你在哪裡看到的？

Are you seeing new customers and community banks picking up market share?

您是否看到新客戶和社區銀行搶占市場份額？

Is prepaid having a significant effect on debit?

預付對借方有顯著影響嗎？

And also your international debit, I mean, are have there been some breakthroughs in international?

還有你的國際借記，我的意思是，國際上是否有一些突破？

That's a difficult question for me to answer, Bob.

這對我來說是個很難回答的問題，鮑勃。

I mean, I -- we can't grow any faster than our customers.

我的意思是，我 - 我們不能比我們的客戶增長得更快。

I mean, whatever they grow, we grow.

我的意思是，無論他們成長什麼，我們都會成長。

We don't have any volume outside of that.

除此之外，我們沒有任何數量。

We have a prepaid business that's doing quite well, but it is not -- I mean it -- I mean there's nothing about it that would shock you in our numbers right now.

我們的預付費業務做得很好，但它不是——我是認真的——我的意思是現在我們的數字不會讓你感到震驚。

I think that outside the United States, it's the secular shift in our continued success in being able to make electronic payments (inaudible) in a number of geographies, and other than that, I think it's the things that financial institutions are doing to encourage the usage of debit cards in the United States.

我認為在美國以外，這是我們在許多地區能夠進行電子支付（聽不清）的持續成功的長期轉變，除此之外，我認為這是金融機構正在做的事情以鼓勵在美國使用借記卡。

And of course, I shouldn't diminish the effect that we're having on moving things to electronic payments through our promotions and our advertising in our market.

當然，我不應該削弱我們通過我們的促銷和我們在市場上的廣告將事物轉移到電子支付方面的影響。

All right.

好的。

That about wraps it up.

差不多就這樣結束了。

Thank you, all, very much, for joining us today, and apologize again for the technical glitch.

非常感謝大家今天加入我們，並再次為技術故障道歉。

If anybody has any follow-up questions, feel free to call Investor Relations.

如果有人有任何後續問題，請隨時致電投資者關係部。

Thanks.

謝謝。

Thank you for participating in today's conference call.

感謝您參加今天的電話會議。

You may disconnect at this time.

此時您可以斷開連接。