Visa Inc (V) 2010 Q3 法說會逐字稿

Welcome to Visa Inc.'s fiscal Q3 2010 earnings conference call.

歡迎參加 Visa Inc. 的 2010 財年第三季度財報電話會議。

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

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

(Operator Instructions).

（操作員說明）。

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。

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

下午好，歡迎參加 Visa Inc. 的 2010 財年第三季度財報電話會議。

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

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

This call is currently being webcast over the Internet.

該電話目前正在互聯網上進行網絡廣播。

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

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

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

網絡廣播的重播也將在我們的網站上存檔 30 天。

The PowerPoint deck containing highlights of today's commentary was posted to our website prior to this call.

包含今天評論要點的 PowerPoint 幻燈片已在本次電話會議之前發佈到我們的網站上。

Let me also remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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

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

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

Additional information concerning these factors is available in the Company's filings with the SEC, which can be accessed through the SEC's website and the investor relations section of the Visa website.

有關這些因素的更多信息可在公司提交給 SEC 的文件中獲得，可通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

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

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

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

也可以通過我們網站的投資者關係部分訪問此新聞稿。

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

有了這個，我會把電話轉給喬。

Thanks, Jack, and thank, everyone -- thanks, everyone, for joining the call.

謝謝杰克，謝謝大家——謝謝大家加入電話會議。

Visa once again delivered strong earnings results.

Visa 再次帶來強勁的盈利業績。

Against the backdrop of a recovering global economy, we posted net operating revenues of just over $2 billion, a 23% increase over the year-ago period.

在全球經濟復甦的背景下，我們公佈的淨營業收入略高於 20 億美元，比去年同期增長 23%。

Revenues were driven by double-digit growth in payments volume, cross border volume and Visa-processed transactions coming from all areas of the globe.

收入是由來自全球所有地區的支付量、跨境交易量和 Visa 處理交易的兩位數增長推動的。

Net income on a GAAP basis was $716 million, a 45% increase over the prior year.

按公認會計原則計算的淨收入為 7.16 億美元，比上年增長 45%。

Overall, we more than delivered on guidance, with fiscal third-quarter earnings on a GAAP basis at $0.97 per diluted share, a 49% increase over the third quarter of 2009.

總體而言，我們的業績超出預期，按公認會計原則計算的第三財季每股攤薄收益為 0.97 美元，比 2009 年第三季度增長 49%。

And these figures exclude the impact of the gain from the VisaNet do Brasil sale in the prior-year period.

這些數字不包括去年同期 VisaNet do Brasil 銷售收益的影響。

We also successfully completed a de facto $500 million stock repurchase, while continuing to invest in newer initiatives that will fuel our future growth.

我們還成功完成了事實上的 5 億美元股票回購，同時繼續投資於能夠推動我們未來增長的新舉措。

On today's call, I'm going to leave the more detailed view of our financials to Byron while I address a few items I'm sure are at the top of your mind.

在今天的電話會議上，我將把更詳細的財務視圖留給拜倫，同時我會談到一些我確信你最關心的項目。

Let me begin by providing color on recent events that have unfolded in Washington.

讓我首先對最近在華盛頓發生的事件進行說明。

It's clear that the Wall Street Reform and Consumer Protection Act that was signed into law last week will reshape the US debit landscape.

很明顯，上週簽署成為法律的《華爾街改革和消費者保護法》將重塑美國的借貸格局。

However, precisely how the law will impact Visa's business, and that of our financial institution clients, is yet to be determined.

然而，該法律究竟將如何影響 Visa 的業務以及我們的金融機構客戶的業務，仍有待確定。

As you may know, the Federal Reserve has embarked upon a rule-making process to clarify the details of the legislation and how and when it will be implemented.

如您所知，美聯儲已著手製定規則，以澄清立法的細節以及實施的方式和時間。

We have an opportunity to inform their deliberations and we intend to participate in the process as a constructive voice.

我們有機會告知他們的審議情況，我們打算以建設性的聲音參與這一進程。

In parallel, we have teams at Visa focused on developing a range of business strategies that will enable us to compete effectively in the new environment once the details of the law become clearer.

與此同時，Visa 的團隊專注於製定一系列業務戰略，一旦法律的細節變得更加清晰，這些戰略將使我們能夠在新環境中有效競爭。

So, until the fed finalizes the rules and until we finalize our mitigation response, it's not possible to specifically detail our actions.

因此，在美聯儲最終確定規則以及我們最終確定緩解措施之前，不可能具體詳細說明我們的行動。

On the other hand, there are things that we do know.

另一方面，有些事情我們確實知道。

First, given the timeframes outlined in the legislation, our business should not begin to feel the effects of the legislation until this time next year.

首先，鑑於立法中概述的時間框架，我們的企業要到明年這個時候才能開始感受到立法的影響。

Therefore, I do not anticipate any impact in FY 2010 and looking ahead to 2011, I expect the impact will be modest and contained to our fourth fiscal quarter.

因此，我預計 2010 財年不會受到任何影響，展望 2011 年，我預計影響將是溫和的，並會持續到我們的第四財季。

With that, I feel confident reiterating our earnings per share guidance for fiscal 2011 at better than 20% growth.

有了這個，我有信心重申我們對 2011 財年每股收益增長超過 20% 的指導。

And per past practice, we'll be updating other guidance metrics for 2011 on our October call.

根據以往的慣例，我們將在 10 月的電話會議上更新 2011 年的其他指導指標。

We do know that we are working with the best set of assets in the industry.

我們確實知道我們正在使用業內最好的資產。

We are the lowest-cost provider of debit services, we have deep debit expertise and we have a powerful brand.

我們是成本最低的借記卡服務提供商，我們擁有深厚的借記卡專業知識和強大的品牌。

We also know that debit delivers tremendous value, as evidenced by the growing appetite of consumers, governments and others to use the product and by merchants who accept it.

我們還知道，借記卡可以帶來巨大的價值，消費者、政府和其他人對使用該產品的需求不斷增長以及接受該產品的商家就證明了這一點。

Given our continuing discussions with our clients and the preliminary business strategy options that we have already developed, I'm very confident that we will effectively adapt to the new environment and continue to lead growth in this segment of the business.

鑑於我們與客戶的持續討論以及我們已經制定的初步業務戰略選擇，我非常有信心我們將有效地適應新環境並繼續引領該業務領域的增長。

And as you think about our future prospects, it's important to keep in mind that Visa has a globally diverse business.

當您考慮我們的未來前景時，請務必記住 Visa 擁有全球多元化的業務。

While future opportunities in the US remain, our growth is increasingly likely to come from outside the US borders, regardless of the domestic environment.

儘管美國的未來機會依然存在，但無論國內環境如何，我們的增長越來越可能來自美國境外。

Today, our non-US revenues make up approximately 40% of our business, and one of our stated 2015 goals is to generate half of our revenues from operations in the rest of the world.

今天，我們的非美國收入約占我們業務的 40%，我們 2015 年的既定目標之一是讓我們一半的收入來自世界其他地區的運營。

So, when I step back and take a global view of our existing business and future opportunities, I'm reminded how strongly I feel that I would rather be Visa than anyone else in our industry and how personally committed I am to accomplishing the goals we established at last March's investment day.

因此，當我退後一步，以全球視角審視我們現有的業務和未來的機會時，我想起了我是多麼強烈地覺得我寧願成為 Visa 而不是我們行業中的任何其他人，以及我對實現我們的目標的個人承諾成立於去年三月的投資日。

Turning to the legal front, we have two topics to update you on.

談到法律方面，我們有兩個主題要更新您。

We have made progress on our ongoing engagement with the US Department of Justice regarding its investigation into the payment card industry and its key players.

我們在與美國司法部就支付卡行業及其主要參與者的調查進行持續接觸方面取得了進展。

We have been cooperating with the Department to satisfy the civil investigative demand filed in late October 2008 concerning the major payment networks' rules on surcharge and merchant steering, as previously reported, and in recent months have met with the Department on numerous occasions.

如前所述，我們一直在與該部門合作，以滿足 2008 年 10 月下旬提出的有關主要支付網絡附加費和商戶引導規則的民事調查要求，並且在最近幾個月中多次與該部門會面。

The Department has indicated that it is considering filing a civil lawsuit challenging rules prohibiting surcharging on credit and differential discounting between networks, similar to the claims that have been included within the merchant interchange litigation that's been pending since 2005.

美國商務部表示，它正在考慮提起民事訴訟，挑戰禁止對信用附加費和網絡之間差異折扣的規則，類似於自 2005 年以來一直懸而未決的商戶交換訴訟中包含的索賠。

Although the outcome is uncertain at this time, we are currently engaged in constructive negotiations with the Department to resolve its concerns as it relates to Visa, without litigation or payment of monetary damages and in a way that proactively addresses concerns in the covered litigation.

儘管目前結果不確定，但我們目前正在與該部門進行建設性的談判，以解決其與 Visa 相關的擔憂，無需訴訟或支付金錢損失，並以積極解決所涉訴訟中的擔憂的方式。

Regarding the covered litigation, it is proceeding on its normal course and we continue to be actively involved in settlement discussions.

關於涵蓋的訴訟，它正在正常進行，我們將繼續積極參與和解討論。

As a reminder, this litigation is covered by our US financial institutions under our retrospective responsibility plan.

提醒一下，此訴訟由我們的美國金融機構根據我們的追溯責任計劃承保。

That being said, I remain highly confident in Visa's strategic plan interderced -- introduced, excuse me, earlier this year which will continue to guide our priorities, initiatives and investments over the long term.

話雖如此，我仍然對 Visa 的戰略計劃充滿信心——對不起，今年早些時候推出的計劃將繼續指導我們的長期優先事項、計劃和投資。

In particular, we remain intensely focused on innovation, which is critical to accelerating growth and further diversifying our revenue.

特別是，我們仍然高度關注創新，這對於加速增長和進一步多元化我們的收入至關重要。

To that end, Visa completed the acquisition of CyberSource right on schedule.

為此，Visa如期完成了對CyberSource權利的收購。

CyberSource enables us to expand our capabilities and competitive position in eCommerce, one of the fastest-growing segments of the payment industry.

CyberSource 使我們能夠擴展我們在電子商務中的能力和競爭地位，電子商務是支付行業增長最快的部分之一。

Not only do they possess approximately 25% of all eCommerce dollars transacted in the US today, there is also tremendous opportunity for us to expand CyberSource globally, leading to new customers and the potential -- and the potential to increase revenues from international markets.

他們不僅擁有當今在美國交易的所有電子商務美元的大約 25%，而且我們還有巨大的機會在全球擴展 CyberSource，從而帶來新客戶和潛力——以及增加國際市場收入的潛力。

We look forward to commenting on our joint performance in the quarters to come.

我們期待評論我們在未來幾個季度的聯合表現。

Another innovation priority for Visa is mobile payments and on that front, among other mobile initiatives, we built upon our existing relationship with Monitise by establishing a joint venture to provide financial institutions and mobile network operators in India with a technology platform that enables them to offer a range of mobile financial services to consumers.

Visa 的另一個創新優先事項是移動支付，在這方面，在其他移動計劃中，我們建立了一家合資企業，為印度的金融機構和移動網絡運營商提供一個技術平台，使他們能夠提供與 Monitise 的現有關係。為消費者提供一系列移動金融服務。

Additionally, in May we were selected by the State Bank of India to execute a joint venture in India in partnership with [Ellabon] to help drive the growth of digital currency in this important, emerging economy by increasing acceptance and acquiring services.

此外，5 月，我們被印度國家銀行選中，與 [Ellabon] 合作在印度成立一家合資企業，通過提高接受度和獲取服務來幫助推動數字貨幣在這個重要的新興經濟體中的增長。

We also continued to successfully win new contracts and expand our relationships with issuers, merchants and governments around the globe.

我們還繼續成功贏得新合同，並擴大與全球發行人、商家和政府的關係。

For instance, we just signed a five-year credit and debit deal with Bradesco, one of our most important partners in Brazil.

例如，我們剛剛與我們在巴西最重要的合作夥伴之一 Bradesco 簽署了一項為期五年的貸記和借記協議。

It is largest contract we've ever closed in our Latin American region.

這是我們在拉丁美洲地區完成的最大合同。

And finally, I'm pleased we were able to continue delivering on our strategy to return excess cash to our shareholders in the third quarter via the funding of our litigation escrow, which has the same effect as a $500 million share repurchase.

最後，我很高興我們能夠繼續實施我們的戰略，通過我們的訴訟託管資金在第三季度向股東返還多餘現金，這與 5 億美元的股票回購具有相同的效果。

This brought our fiscal year-to-date share repurchase total to almost $1.2 billion and we'll continue to be opportunistic in this regard over the next quarter.

這使我們本財年迄今的股票回購總額達到近 12 億美元，我們將在下個季度繼續在這方面投機取巧。

Let me now turn the call over to Byron to take you through the details of our financial results and I'll be back to wrap up.

現在讓我把電話轉給拜倫，帶你了解我們財務業績的細節，我會回來做總結。

Thank you, Joe.

謝謝你，喬。

Let me start with the financial highlights of our fiscal third quarter, followed by the global payment volume trends for the June quarter, as well as payment and transaction results for July.

讓我從我們第三財季的財務亮點開始，然後是 6 月季度的全球支付量趨勢，以及 7 月的支付和交易結果。

I will then conclude with updates on our Q4 and full-year guidance.

然後，我將總結我們的第四季度和全年指導的更新。

Global payment volume growth for the March quarter in constant dollars rose to 13% from a positive 8% in the December period.

以固定美元計算，3 月季度的全球支付量增長從 12 月期間的 8% 上升至 13%。

We witnessed meaningful growth in every region of the globe.

我們見證了全球每個地區的有意義的增長。

In the US, payment volume growth was 13% in the March quarter, up from 7% in the December quarter.

在美國，3 月季度的支付量增長 13%，高於 12 月季度的 7%。

Debit continued its strong recent trend, delivering 21% growth compared to 15% growth in the December quarter.

借記卡延續了近期的強勁趨勢，實現了 21% 的增長，而 12 月季度的增長為 15%。

Credit accelerated to a positive 3% growth in the March quarter from a negative 1% rate in the December period.

信貸從 12 月期間的 1% 負增長加速至 3 月季度的 3% 正增長。

On a constant dollar basis, rest of world payment volume grew at 14% in the March quarter, up from a 10% rate in the December quarter.

按固定美元計算，世界其他地區的支付量在 3 月季度增長了 14%，高於 12 月季度的 10%。

These results recognized continued secular growth and a strong and healthy diversified country base outside 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。

Now, turning to the metrics, that drive revenue on a current basis.

現在，轉向在當前基礎上推動收入的指標。

Global cross-border volume growth accelerated considerably in the June quarter, posting a 17% growth rate on a constant dollar basis from the 12% rate in the March period.

全球跨境交易量在 6 月季度大幅加速增長，按固定美元計算，增長率從 3 月期間的 12% 增長到 17%。

Growth in the month of June at 18% suggests that, in contrast to our view a quarter ago, this is more representative of a broader, cyclical trend rather than just pent-up demand.

6 月份 18% 的增長率表明，與我們一個季度前的觀點相比，這更能代表更廣泛的周期性趨勢，而不僅僅是被壓抑的需求。

Transactions processed over Visa's network totaled $11.7 billion in the fiscal third quarter, an increase of 14% over the similar period a year ago and on par with the 14% growth rate we saw in the March quarter.

在第三財季，通過 Visa 網絡處理的交易總額為 117 億美元，比去年同期增長 14%，與我們在第三季度看到的 14% 的增長率持平。

Turning to the income statement, in our fiscal third quarter gross revenues of $2.4 billion were up 22% from the similar period in 2009.

轉向損益表，我們第三財季的總收入為 24 億美元，比 2009 年同期增長 22%。

Volume and support incentives, as a percentage of gross revenues, came in at 16%, below the prior-year level of 17% and below our expectation.

數量和支持獎勵佔總收入的百分比為 16%，低於去年 17% 的水平，也低於我們的預期。

The expected rate of 18% was predicated on the signing of certain contracts during the quarter, which carry a high level of one-time contra revenue incentives.

預計 18% 的利率是基於本季度簽署的某些合同，這些合同帶有高水平的一次性收入激勵措施。

While timing is still uncertain, we project these contracts will be signed in our fourth fiscal quarter, which would elevate the support and incentive line into the range of 17% to 18% of gross revenue in the fiscal fourth quarter.

雖然時間仍然不確定，但我們預計這些合同將在我們的第四財季簽署，這將使第四財季的支持和激勵線提高到總收入的 17% 至 18% 的範圍內。

Net operating revenues in the quarter were just above $2 billion, a 23% increase over the operating revenues recorded for the third fiscal quarter of 2009, driven by broad-based economic recovery and secular growth.

在廣泛的經濟復甦和長期增長的推動下，本季度的淨營業收入略高於 20 億美元，比 2009 年第三財季的營業收入增長了 23%。

Moving to the individual revenue line item, service revenue was $873 million, up 13% over the prior-year period and reflecting -- and reflective of accelerating payment volume growth in the quarter ending March.

轉向個人收入項目，服務收入為 8.73 億美元，比去年同期增長 13%，反映了截至 3 月的季度支付量加速增長。

The growth rate for the June quarter should mirror the March quarter's results.

六月季度的增長率應反映三月季度的結果。

Data processing revenue was $792 million, up 31% over the prior year, based on strong process transaction growth of 14% and the final quarter of previously-enacted pricing action.

數據處理收入為 7.92 億美元，比上年增長 31%，這得益於 14% 的強勁流程交易增長和先前製定的定價行動的最後一個季度。

In contrast, our final fiscal quarter will see data processing revenue driven by processed transaction growth, which will be partially offset by yield compression due to two factors--first, recent contract wins and conversions and second, more clients exceeding volume thresholds, which qualify them for lower prices.

相比之下，我們的最後一個財政季度將看到數據處理收入將受到處理交易增長的推動，這將被收益壓縮部分抵消，原因是兩個因素——首先，最近的合同贏得和轉換，其次，更多客戶超過數量閾值，符合條件他們以較低的價格。

International transaction revenues were up a solid 25% to $574 million, due to continuing improvement in cross-border volumes during the period.

由於期內跨境交易量的持續改善，國際交易收入增長了 25% 至 5.74 億美元。

The foreign exchange impact on revenue in the third fiscal quarter was a positive 1%, as a result of continued currency volatility combined with our hedging activity.

由於貨幣持續波動以及我們的對沖活動，第三財季的外匯對收入的影響為正 1%。

For the full fiscal year we continue to expect the foreign exchange impact on revenue growth to be slightly positive.

對於整個財年，我們繼續預計外匯對收入增長的影響將略微積極。

Our operating margin was 56%, in line with our guidance of mid to high 50%s.

我們的營業利潤率為 56%，符合我們中高 50% 的指導。

Total operating expenses for the third quarter were $892 million, representing a year-over-year increase of $68 million, or 8%, driven by anticipated increases in marketing and advertising spend related to the FIFA World Cup and continued investment in growth initiatives.

第三季度的總運營費用為 8.92 億美元，同比增長 6800 萬美元，即 8%，這主要得益於與 FIFA 世界杯相關的營銷和廣告支出的預期增長以及對增長計劃的持續投資。

Our expectation continues to be that expenses for the full year will be relatively flat to the 2009 level on a GAAP basis, including about $15 million in CyberSource-related acquisition cost but excluding any CyberSource operating expenses incurred subsequent to the acquisition on July 21.

我們的預期仍然是，按公認會計原則計算，全年費用將與 2009 年的水平相對持平，其中包括約 1500 萬美元的 CyberSource 相關收購成本，但不包括在 7 月 21 日收購之後產生的任何 CyberSource 運營費用。

On a sequential quarter basis we saw moderately higher expenses in marketing and advertising given our higher spending on the FIFA World Cup event.

鑑於我們在 FIFA 世界杯賽事上的支出增加，我們看到營銷和廣告支出環比有所增加。

We also saw higher professional fee expenses as a result of costs associated with the CyberSource transaction and higher investment in product initiatives and IT infrastructure upgrades.

由於與 CyberSource 交易相關的成本以及對產品計劃和 IT 基礎設施升級的更高投資，我們還看到了更高的專業費用支出。

We expect to see a further sequential increase in professional fees in the fourth fiscal quarter as a result of closing and integration costs associated with the CyberSource transaction and continued investments in products and infrastructure.

由於與 CyberSource 交易相關的關閉和整合成本以及對產品和基礎設施的持續投資，我們預計第四財季的專業費用將進一步連續增長。

Capital expenditures were $65 million in the quarter and $144 million year to date, representing ongoing investment in technology, infrastructure and growth initiative.

本季度資本支出為 6500 萬美元，年初至今為 1.44 億美元，代表了對技術、基礎設施和增長計劃的持續投資。

Based on higher levels of spend in the third and fourth fiscal quarters, for all of fiscal 2010 we now expect capital expenditures to be moderately higher than $200 million.

基於第三和第四財季較高的支出水平，我們現在預計 2010 財年全年的資本支出將略高於 2 億美元。

Moving on to the balance sheet, we ended the third quarter in great shape, with negligible debt and cash, cash equivalents, restricted cash and available-for-sale investments of $7.4 billion.

繼續看資產負債表，我們在第三季度結束時狀況良好，債務和現金、現金等價物、受限現金和可供出售投資為 74 億美元，可忽略不計。

Of this total, $2 billion is restricted cash, which represents amounts sufficient to fully pay out the American Express settlement with $1.5 billion that is currently uncommitted.

在這一總額中，20 億美元是受限制的現金，這足以支付美國運通目前未承諾的 15 億美元的和解金。

As you'll recall, in May we placed $500 million into the escrow account, which had the effect of a 6.7 million share buyback.

您可能還記得，5 月份我們將 5 億美元存入託管賬戶，產生了 670 萬股股票回購的效果。

As of the end of fiscal Q3, Visa's outstanding share count is now 731 million on an as-converted basis.

截至第三財季末，按轉換後的基礎，Visa 的流通股數量現在為 7.31 億股。

Now, I'll comment on the June quarter's payment volume data and our early read on July, then I'll cover our updated financial expectations for the balance of the year.

現在，我將對 6 月季度的支付量數據和我們 7 月的早期數據發表評論，然後我將介紹我們對今年餘額的最新財務預期。

Global payment volume growth for the June quarter in constant dollars rose to 14% from 13% in the March quarter.

以固定美元計算的 6 月季度全球支付量增長從 3 月季度的 13% 上升至 14%。

We experienced meaningful growth in every one of our global regions.

我們在全球每個地區都經歷了有意義的增長。

In the US, payment volume growth was 14% in the June quarter, up slightly from 13% in the March quarter.

在美國，6 月季度的支付量增長 14%，略高於 3 月季度的 13%。

Debit continued its strong recent trend, delivering 21% growth, same as the March quarter.

借記卡延續了近期的強勁趨勢，實現了 21% 的增長，與 3 月季度相同。

Credit accelerated to 6% growth in the June quarter from 3% in the March period.

信貸增速從 3 月份的 3% 加速至 6 月份季度的 6%。

More recently, through the 21st of July, US payment volume grew at 13%, 1 percentage point below the June quarter rate but 1 percentage point higher than the month of June growth rate of 12%.

最近，截至 7 月 21 日，美國支付量增長了 13%，比 6 月份季度增長率低 1 個百分點，但比 6 月份 12% 的增長率高 1 個百分點。

Further deconstructed, debit grew at 20%, while credit grew at 6%.

進一步解構後，借方增長了 20%，而貸方增長了 6%。

On a constant dollar basis, rest of world payment volume grew at 14% in the June quarter, same as the March quarter.

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 14%，與 3 月季度相同。

These results recognize continued secular growth and a strong and healthy diversified country base outside 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。

As mentioned earlier, global cross-border volume grew at 17% in the June quarter on a constant dollar basis.

如前所述，按固定美元計算，全球跨境交易量在 6 月季度增長了 17%。

Growth in the month of June was a strong 18%.

6 月份的增長強勁，達到 18%。

July cross-border volume growth on a constant basis sustained the strong rate we saw in June, posting an 18% rate of growth through the 21st of the month.

7 月跨境交易量持續增長，保持了我們在 6 月看到的強勁增長速度，到本月 21 日實現了 18% 的增長率。

Processed transactions through the 21st grew at 15% over the prior-year period, up slightly from the 14% growth posted for the third fiscal quarter and up slightly from a 13% growth rate delivered in the month of June.

截至 21 日的已處理交易比去年同期增長 15%，略高於第三財季公佈的 14% 的增長率，也略高於 6 月份交付的 13% 的增長率。

Now, let me comment on our expectations for the remainder of the 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本財年剩餘時間對運營業績的預期以及對我們全年指導的影響。

We continue to be comfortable with a net revenue growth target at the high end of the 11% to 15% range.

我們繼續對 11% 至 15% 範圍的高端淨收入增長目標感到滿意。

Despite our year-to-date growth of 18%, we anticipate a couple of dynamics in the fourth quarter.

儘管我們今年迄今增長了 18%，但我們預計第四季度會出現一些動態。

First, the data processing fee increase we implemented in July 2009 lapsed in June 2010.

首先，我們在 2009 年 7 月實施的數據處理費增加在 2010 年 6 月失效。

This will contribute to a significantly-lower growth rate in fiscal Q4 for reasons described earlier.

由於前面所述的原因，這將導致第四財季的增長率顯著降低。

Second, we expect volume and support incentives to increase in the fourth quarter for two reasons.

其次，我們預計第四季度的數量和支持激勵措施將增加，原因有兩個。

First, higher earnout rates tied to the higher payment volumes we're experiencing.

首先，更高的收益率與我們正在經歷的更高的支付量相關。

And second, as mentioned earlier, we anticipate signing certain contracts which, if concluded, would result in an incentive level as a percent of gross revenue of around 18%.

其次，如前所述，我們預計簽署某些合同，如果簽訂，將導致激勵水平佔總收入的 18% 左右。

This, in turn, would result in a full-year rate at the high end of our previously-stated range of 16% to 17%.

反過來，這將導致全年利率處於我們先前聲明的 16% 至 17% 範圍的高端。

Our expectations for full-year 2010 operating margin remains in the mid to high 50%s.

我們對 2010 年全年營業利潤率的預期保持在 50% 的中高水平。

Increased marketing, advertising and new initiative spending in the second half ,combined with the CyberSource transaction expenses, offset the higher margin we reported early in the year.

下半年增加的營銷、廣告和新計劃支出，加上 CyberSource 交易費用，抵消了我們年初報告的較高利潤率。

We are narrowing our guidance for our full fiscal-year 2010 tax rate to a range of 37% to 38% in spite of the year-to-date run rate of approximately 36%.

儘管年初至今的運行率約為 36%，但我們正在將 2010 財年全年稅率的指導範圍縮小到 37% 至 38% 的範圍。

This refinement reflects an anticipated increase in our effective tax rate in Q4 due to the impact of the CyberSource transaction, the true up of our state tax rate and the related adjustments to our deferred tax liabilities recorded as a part of our October 2007 reorganization.

這一改進反映了由於 CyberSource 交易的影響、我們的州稅率的真實調整以及作為我們 2007 年 10 月重組的一部分記錄的遞延所得稅負債的相關調整，我們在第四季度的有效稅率預計會增加。

Taken together, we anticipate that these factors will cause our fiscal fourth quarter effective tax rate to be closer to 40%.

綜合起來，我們預計這些因素將導致我們第四財季的有效稅率接近 40%。

The full-year 2010 tax rate keeps us on track to reduce Visa's effective rate.

2010 年全年的稅率使我們能夠降低 Visa 的有效稅率。

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

我們繼續將 2010 年基於 GAAP 的每股收益增長目標定在 20% 以上，不包括 VisaNet Brasil 的收益和 2011 年超過 20% 的每股收益增長目標。

Both years include the addition of CyberSource.

這兩年都包括 CyberSource 的加入。

Regarding the CyberSource impact on fiscal 2010 earnings, we expect the Q4 impact on EPS to be $0.03 to $0.04, of which approximately $0.01 is from transaction costs and is already included in our full-year operating expense guidance, and an additional $0.02 to $0.03 from combined operations, largely driven by the amortization of intangible assets arising from the transactions purchase accounting.

關於 CyberSource 對 2010 財年收益的影響，我們預計第四季度對每股收益的影響為 0.03 美元至 0.04 美元，其中約 0.01 美元來自交易成本並已包含在我們的全年運營費用指導中，另外還有 0.02 美元至 0.03 美元來自合併經營，主要是由購買會計交易產生的無形資產攤銷所致。

We still expect this transaction to be slightly dilutive in fiscal-year 2011.

我們仍然預計該交易在 2011 財年會略微稀釋。

Turning to capital expenditures, we are adjusting our expectation around CapEx to be a moderately higher than $200 million.

談到資本支出，我們正在調整我們對資本支出的預期，使其略高於 2 億美元。

And lastly, our projection of free cash flow for the year remains north of $2 billion, which is net of the $682 million prepayment we made on the previously-settled retailers' litigation but before the $2 billion spent on the CyberSource acquisition.

最後，我們對今年自由現金流的預測仍保持在 20 億美元以上，這是我們在之前解決的零售商訴訟中預付的 6.82 億美元的淨額，但在 20 億美元用於收購 CyberSource 之前。

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

這包括 -- 結束我的評論，所以我將把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

In summary I want to underscore my confidence in Visa's future and our ability to drive continued growth, both in the United States and internationally.

總之，我想強調我對 Visa 的未來以及我們在美國和國際上推動持續增長的能力的信心。

Visa remains at the forefront of this highly-competitive, dynamic industry after more than 50 years in the business because we have a track record of innovating, adapting and successfully navigating challenges, and we will continue to take concrete steps to achieve our strategic objectives and secure our long-term growth to the benefit of Visa's shareholders and clients.

經過 50 多年的經營，Visa 始終處於這個競爭激烈、充滿活力的行業的最前沿，因為我們在創新、適應和成功應對挑戰方面有著良好的記錄，我們將繼續採取具體措施來實現我們的戰略目標和確保我們的長期增長，以造福於 Visa 的股東和客戶。

This past quarter was a great example of executing on those goals.

上個季度是執行這些目標的一個很好的例子。

With that, I'll open the floor to questions.

有了這個，我將開始提問。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Our first question comes from Julio Quinteros, Goldman Sachs.

我們的第一個問題來自高盛的 Julio Quinteros。

Your line is open.

你的線路是開放的。

Great, guys.

太好了，伙計們。

Hey, real quickly, looking at both the gross revenue yield and the net revenue yield in your model seeing some pretty decent upticks there.

嘿，很快，看看你的模型中的總收入收益率和淨收入收益率，那裡有一些相當不錯的上升。

Taking some of the commentary about the higher rebates and thinking about some of the puts and takes in pricing as we think about the forward quarters, can you talk specifically about the pricing levers that you guys would have left in the forward quarters as we roll into fiscal 2011, both in the US versus the rest of the world, please?

在我們考慮遠期季度時，考慮一些關於更高回扣的評論並考慮一些看跌期權和定價，你能具體談談你們在我們進入遠期季度時會留下的定價槓桿嗎2011 財年，無論是在美國還是在世界其他地區，好嗎？

Julio, Byron.

胡里奧，拜倫。

So, we're just going to respond to the pricing opportunities pretty much what we have said before that we have, behind us most of the mark-to-market opportunities, which were more domestic in nature going forward.

因此，我們將像我們之前所說的那樣對定價機會做出回應，我們背後的大多數按市價計算的機會，這些機會在未來更加國內化。

More of the opportunity that we have, first of all, more modest.

我們有更多的機會，首先，更謙虛。

Second, it is much more outside the United States, so much more of a rest of world opportunity.

其次，它更多地在美國之外，更多地是世界其他地方的機會。

We're still in the process of standardizing practices, so opportunities still remain.

我們仍在標準化實踐的過程中，所以機會仍然存在。

Then, of course, with the unfolding legislation that we have in the United States, once the legislation is clarified then that'll give us an opportunity to relook at the services that we provide that deliver value and look for opportunities to reprice consistent with the strategies that we will be pursuing in the new environment going forward.

然後，當然，隨著我們在美國不斷展開的立法，一旦立法得到澄清，那麼這將使我們有機會重新審視我們提供的能夠帶來價值的服務，並尋找機會重新定價，以符合我們將在未來的新環境中追求的戰略。

The next question comes from Bob Napoli, Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Bob Napoli。

Your line is open.

你的線路是開放的。

Thank you, good afternoon.

謝謝，下午好。

Joe, the payment system is somewhat of a mess, I guess.

喬，我猜支付系統有點亂。

If you look at the changes, some of the big ones, banks less than $10 billion are excluded from the bill, prepaid cards are excluded, you have the debit exclusivity.

如果你看看這些變化，一些大的，低於 100 億美元的銀行被排除在賬單之外，預付卡被排除在外，你擁有借記卡的排他性。

How -- as you look at some of those challenges and managing that system, do you think it is -- how do you think that will work?

當你看到其中一些挑戰並管理該系統時，你認為它是如何——你認為這將如何運作？

Is it too early to tell?

現在說還為時過早嗎？

Do you think it is feasible to -- that the smaller banks get excluded in practice?

您認為在實踐中排除小型銀行是否可行？

And what are your thoughts around how banks will respond with prepaid cards?

您對銀行將如何使用預付卡做出回應有何看法？

Well, look, the answer is that I can't specifically answer that question until I get a little bit more clarity in the rule making process from the feds.

好吧，看，答案是我無法具體回答這個問題，直到我從聯邦調查局的規則制定過程中得到一點更清晰的信息。

Now, we'll, as I mentioned, be a positive part of that, but until that happens it's a little difficult to ascertain.

現在，正如我所提到的，我們將成為其中積極的一部分，但在此之前，它有點難以確定。

Now, we maintained through the process that having a dual price structure would be difficult, if not impossible, and nothing has happened that particularly changes my mind about that.

現在，我們在整個過程中堅持認為，如果不是不可能的話，擁有雙重價格結構將是困難的，而且沒有發生什麼特別改變我對此的看法。

The solution to the issue does not lie with Visa alone; it lies with several different parties in the chain, as you know, and so it's not totally in our control.

問題的解決方案不僅僅在於 Visa；如您所知，它與鏈條中的多個不同方有關，因此它並不完全在我們的控制之中。

We will, of course, do everything in our power to adhere to the law of the land, and we're just going to have to see what kind of effort that takes and how other people respond to the same challenge.

當然，我們將竭盡全力遵守土地法，我們只需要看看需要付出什麼樣的努力，以及其他人如何應對同樣的挑戰。

The next question comes from David, Buckingham Research Group.

下一個問題來自白金漢研究小組的大衛。

Your line is open.

你的線路是開放的。

Joe, I wondered, can you give us a sense of how much account -- customer account conversions might have contributed to the debit growth in the US and process transactions that are meaningful?

喬，我想知道，你能告訴我們有多少賬戶——客戶賬戶轉換可能有助於美國的借方增長並處理有意義的交易嗎？

Then wondered -- because Senator Durbin's got some new credit card interchange proposal relating to government cards.

然後想知道——因為德賓參議員收到了一些與政府卡有關的新信用卡交換建議。

I wonder if you have any color on that?

我想知道你上面有顏色嗎？

On the first part, the conversions did contribute but very, very modestly, not material.

在第一部分，轉換確實有所貢獻，但非常非常適度，不是實質性的。

And on the second part of the question, the government?

關於問題的第二部分，政府？

Oh, as it relates to the proposal that Durbin just made, it has -- it would have very little effect on interchange in total.

哦，因為它與 Durbin 剛剛提出的建議有關，它具有 - 它對整體交換的影響很小。

I mean it's de minimus.

我的意思是它是最低限度的。

the next question comes from Greg Smith, Duncan Williams.

下一個問題來自 Greg Smith、Duncan Williams。

Your line is open.

你的線路是開放的。

Yes, hi.

是的，你好。

You guys made some changes with regards to the dynamic currency conversion outside the US.

你們對美國以外的動態貨幣轉換做了一些改變。

Just wondering can you give us an update there and is that signal maybe a future additional revenue opportunity for Visa?

只是想知道您能否在那裡向我們提供最新信息，這是否預示著 Visa 未來可能有額外的收入機會？

We have rules in place that govern direct currency conversion.

我們制定了管理直接貨幣兌換的規則。

We have some of the globe operating under those rules, some of them have been grandfathered based on practices that existed before Visa merged, and so what we have done is put a moratorium on direct currency conversion while we study this situation.

我們有一些全球按照這些規則運作，其中一些是基於 Visa 合併之前存在的做法，因此我們所做的是在研究這種情況時暫停直接貨幣兌換。

And so in the months to come expect to hear more from us on this subject.

因此，在接下來的幾個月裡，我們期待聽到更多關於這個主題的信息。

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。

Hi, thanks so much.

嗨，非常感謝。

I thought I'd maybe ask about share repurchases, just your appetite, Joe, to buy back stock given what's going on.

我想我可能會問關於股票回購的問題，只是你的胃口，喬，考慮到正在發生的事情，回購股票。

I guess as a follow up, how much freedom do you have to do something like the $500 million synthetic repurchase that you guys just did?

我想作為後續行動，你們有多少自由來做像你們剛剛做的 5 億美元合成回購這樣的事情？

I'm going to turn that over to Byron.

我將把它交給拜倫。

There is an authorization existing.

存在授權。

Yes, so the appetite remains, so I'll just use this as an opportunity to once again reaffirm that management's intent to return excess cash to shareholders in the form of both dividends and repurchases of the outstanding authorizations that we have today.

是的，所以胃口仍然存在，所以我將藉此機會再次重申管理層打算以股息和回購我們今天擁有的未償授權的形式向股東返還多餘現金。

We have $336 million unutilized and we will be looking for opportunistic moments over the next several months to use that authorization.

我們有 3.36 億美元未使用，我們將在接下來的幾個月內尋找機會來使用該授權。

And then, of course, we are never hesitant at future board meetings to ask for additional authorization.

然後，當然，我們在未來的董事會會議上毫不猶豫地要求額外授權。

The next question comes from Adam Frisch, Morgan Stanley.

下一個問題來自摩根士丹利的亞當弗里施。

Your line is open.

你的線路是開放的。

Thanks, good afternoon.

謝謝，下午好。

The next 12-to-18 months is a more uncertain landscape than when you reported your March quarter and I just wanted to ask two questions about that uncertainty, whether it be legislative or macro related.

與您報告 3 月季度時相比，接下來的 12 到 18 個月的前景更加不確定，我只想問兩個關於這種不確定性的問題，無論是立法還是宏觀相關。

One, has it impacted your plans, at all, to invest capital in the growth initiatives you discussed at your analyst day?

第一，它是否影響了您在分析師日討論的增長計劃中投資資金的計劃？

Have any of those plans been altered?

這些計劃有沒有改變？

And two, Joe, you reiterated your 20% EPS growth for next year, have you incorporated additional scenarios and contingency planning and so forth and how firm is that guide?

第二，喬，你重申了明年 20% 的每股收益增長，你是否納入了額外的情景和應急計劃等，該指南有多堅定？

I don't think that -- at this time, I don't have any reason to back off anything we talked about at our March investor day.

我不這麼認為——目前，我沒有任何理由迴避我們在 3 月投資者日所討論的任何事情。

We're moving forward with all of those strategic notions.

我們正在推進所有這些戰略概念。

And as it relates to reaffirming the guidance, we're reaffirming the guidance.

由於它與重申指導有關，我們正在重申指導。

I think that that speaks for itself and we didn't do it without thinking about it.

我認為這不言自明，我們沒有不考慮就這樣做了。

We didn't do it without looking at what was going on in the economy.

我們沒有在不了解經濟情況的情況下這樣做。

We didn't do it without understanding what was happening legislatively.

我們沒有在不了解立法上發生的事情的情況下這樣做。

We didn't -- we just didn't do it without being cautious and prudent and thoughtful and so we're confident that we'll deliver.

我們沒有——我們只是在沒有謹慎、謹慎和深思熟慮的情況下才這樣做，所以我們相信我們會交付。

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

下一個問題來自美國銀行的 Jim Kissane。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Joe, can you give us a little more color on the DOJ situation.

喬，你能給我們更多關於司法部情況的信息嗎？

That came across pretty confident.

那是相當自信的。

I know it's legalese, but is it a surcharge issue, a credit interchange issue, just maybe big picture color?

我知道這是法律術語，但這是附加費問題，信用互換問題，也許只是大圖顏色？

Thanks.

謝謝。

Well, there isn't an interchange issue with it -- there is not an interchange issue with the DOJ.

好吧，這不存在交換問題——與 DOJ 不存在交換問題。

The primary issue is their concern over surcharging and it's on -- it relates to credit cards.

主要問題是他們對超額收費的擔憂，而且它與信用卡有關。

This is a dialogue that we've had with them for a lengthy period of time.

這是我們與他們進行了很長時間的對話。

The current conversations are dovetailing with the litigation conversations that we're in the midst of.

當前的對話與我們正在進行的訴訟對話相吻合。

So, I don't -- I think this is just part of the same fabric and I think that things are moving in a direction that we have anticipated and so we're not unhappy with where we are.

所以，我不——我認為這只是同一結構的一部分，我認為事情正在朝著我們預期的方向發展，所以我們對我們所處的位置並不不滿。

The next question comes from Rod Bourgeois, Bernstein.

下一個問題來自伯恩斯坦的羅德布爾喬亞。

Your line is open.

你的線路是開放的。

Yes, guys.

是的，伙計們。

Not that you want to talk anymore about the Durbin Amendment, but if multiple [tenant] debit brands are required on all US debit cards and there are no restrictions on merchants routing, do you think your Interlink business could lose some share or experience some pricing pressure?

並不是說您想再談論德賓修正案，而是如果所有美國借記卡都需要多個 [租戶] 借記卡品牌並且對商戶路由沒有限制，您認為您的 Interlink 業務會失去一些份額或體驗一些定價嗎壓力？

And then I guess the part B to that, have you changed anything in your customer engagement strategies in light of the Durbin Amendment?

然後我猜 B 部分，您是否根據德賓修正案改變了您的客戶參與策略？

Well, you made some specific statements as to what the implications of the amendment are and I'm not as certain as you are about how those are going to manifest themselves.

嗯，你就修正案的含義做了一些具體的陳述，我不像你那麼確定這些將如何體現出來。

And we've already had -- we've, of course, had dialogue with our clients, we've had an initial dialogue with the fed.

我們已經 - 當然，我們已經與客戶進行了對話，我們已經與美聯儲進行了初步對話。

We've continued to pursue it congressionally as it relates to intent.

我們一直在國會追求它，因為它與意圖有關。

We've looked at who we are, we look at what we do, we look at what value we bring and we have a number of different ways to react to the situation that you're referring to.

我們研究了我們是誰，我們研究了我們所做的事情，我們研究了我們帶來的價值，我們有許多不同的方式來應對您所指的情況。

And I think that when everything is said and done and all of the smoke has cleared that we will continue to do well.

而且我認為，當一切都說完了，所有的煙霧都散去時，我們將繼續做得很好。

What that specifically means, I can't speak to right now.

這具體是什麼意思，我現在不能說。

And as it specifically relates to Interlink, it may or may not affect Interlink per se but that's just part of our business.

由於它特別與 Interlink 有關，它可能會或可能不會影響 Interlink 本身，但這只是我們業務的一部分。

We have a pin debit business and a signature debit business and maybe there's less distinction between the two, maybe there isn't.

我們有一個 pin 借記業務和一個簽名借記業務，也許兩者之間的區別較小，也許沒有。

I think we'll have to wait and see, but either way, we're prepared.

我認為我們將不得不拭目以待，但無論哪種方式，我們都做好了準備。

The next question comes from Jason Kupferberg, UBS.

下一個問題來自瑞銀的 Jason Kupferberg。

Your line is open.

你的線路是開放的。

Thanks, guys.

多謝你們。

I was hoping you could compare for us your conviction level, if you will, now versus quarter ago, just in terms of this volume recovery in your business being sustainable and not just mostly a function of easy year-over-year comps.

我希望您可以為我們比較您的信念水平，如果您願意的話，現在與季度前相比，僅就您的業務量恢復是可持續的而言，而不僅僅是簡單的同比比較的功能。

I think you've made it clear on the cross-border side that you think it's more than pent-up demand but putting cross-border aside, we'd just love to get a qualitative sense of how you're leaning now versus a quarter ago in terms of sustainability?

我認為您已經在跨境方面明確表示，您認為這不僅僅是被壓抑的需求，而是將跨境放在一邊，我們只是想從質量上了解您現在的傾向與季度前在可持續性方面？

So, let me take that one, Jason.

所以，讓我拿那個，傑森。

Let me share a few more granular numbers to give a little bit of perspective.

讓我分享一些更細化的數字，以提供一些觀點。

I would say overall, our view is that we are in recovery.

總的來說，我想說的是，我們的觀點是我們正在復蘇。

What we're seeing on balance suggests maybe a lower probability of a double dip than what we might have suspected a quarter ago, but we also believe that the recovery is going to be protracted.

我們所看到的總體情況表明，二次探底的可能性可能低於我們在一個季度前所懷疑的，但我們也相信復甦將是持久的。

When you look at it on a month-by-month basis, the numbers are certainly good given the prior-year comps, but you're going to have some bumps along the way and hence, the notion of a recovery without turbulence doesn't -- our guess is it's not in the cards.

當您逐月查看時，考慮到上一年的比較，這些數字肯定不錯，但是您會在此過程中遇到一些顛簸，因此，沒有動蕩的復甦的概念不會t - 我們的猜測是它不在卡片中。

Let me give you a quick snapshot of what we saw the last several months for the US.

讓我簡要介紹一下我們過去幾個月在美國看到的情況。

This is all-in payment volume.

這是全部支付量。

So, the month of -- let's start with March.

所以，讓我們從三月開始。

March payment volume increased 16%, then went to 15% in April, then it went to 15% in May, then it dropped to 12% in June -- still a good number, but a little turbulent -- and July, through the 21 of July, it is positive 13%.

3 月份的支付量增長了 16%，然後在 4 月份上升到 15%，然後在 5 月份下降到 15%，然後在 6 月份下降到 12%——仍然是一個不錯的數字，但有點動盪——而 7 月份，通過7 月 21 日，為正 13%。

So, all suggesting recovery, but whether it will be consistently upwards sustaining and accelerating, hard to call .

因此，所有人都在暗示復甦，但它是否會持續上升並持續加速，很難說。

The next question comes from Craig Maurer, 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。

Yes, good evening.

是的，晚上好。

Regarding your marketing budget you've guided to under $1 billion, the number hasn't strayed that far from there over the last few years.

關於您指導的低於 10 億美元的營銷預算，在過去幾年中，這個數字並沒有偏離那麼遠。

I was wondering if you view that number as enough to sustain you going forward and you probably just move marketing regionally as you have to but that the $1 billion number seems like a reasonable target going forward?

我想知道你是否認為這個數字足以支撐你前進，你可能只是按照你的需要在區域內進行營銷，但 10 億美元的數字似乎是一個合理的未來目標？

So, let me offer the initial response.

所以，讓我提供最初的回應。

We will look to give you an update on annual guidance going forward at the next earnings call.

我們將在下一次財報電話會議上向您提供有關未來年度指導的最新信息。

That's our custom to guide at the beginning of the year.

這是我們在年初指導的習慣。

It has been around $1 billion for the last couple of years.

在過去的幾年裡，它一直在 10 億美元左右。

And in light of the unfolding recovery in the economy, where we stand in the environment, hopefully clarified by then in the US, we'll take a very hard look at where the marketing dollars yield the most return and then on a bottoms-up basis come to a total and give you some reference points at the next earnings call.

鑑於經濟正在逐步復甦，我們在環境中所處的位置，希望屆時在美國得到澄清，我們將非常認真地研究營銷資金產生最大回報的地方，然後自下而上基數得出一個總數，並在下一次財報電話會議上為您提供一些參考點。

The next question comes from Don Fandetti, Citigroup.

下一個問題來自花旗集團的 Don Fandetti。

Your line is open.

你的線路是開放的。

Good evening.

晚上好。

Joe, certainly understandable that it's going to be some time before you can really assess the risk around (inaudible) and debit, but is there any scenario -- are we talking about just a risk to growth rates, or is there a scenario where you could have to reduce your fees to the banks?

喬，當然可以理解，您需要一段時間才能真正評估（聽不清）和借方的風險，但是是否有任何情況——我們只是在談論對增長率的風險，或者是否有這樣一種情況，您可能不得不減少向銀行收取的費用？

And are you feeling any pressure from the banks as they look at their different (inaudible) scenario?

當銀行考慮不同（聽不清）的情況時，您是否感受到來自銀行的壓力？

I don't think that there's any pressure that we're feeling right now that we haven't been feeling for quite some time.

我不認為我們現在有任何壓力，我們已經有一段時間沒有感受到了。

I think we've been in a competitive environment for awhile.

我認為我們在競爭環境中已經有一段時間了。

This probably exacerbates it to a certain extent.

這可能在一定程度上加劇了這種情況。

I obviously can't get into talking about any of our contracts specifically.

我顯然無法具體談論我們的任何合同。

I think that we have thoughtfully taken our relationship with our clients into consideration in giving you our current guidance and beyond that there isn't much I can say.

我認為，在為您提供當前指導時，我們已經深思熟慮地考慮了我們與客戶的關係，除此之外，我無話可說。

Look, there are different things that can happen as a result of the Financial Services Act and we'll have to see what that means.

看，《金融服務法》可能會導致不同的事情發生，我們必須看看這意味著什麼。

I really don't believe in my heart of hearts that it's going to stop the electronic payments from growing in the United States, and I really believe that Visa will be a significant part of that in the future as we are now.

我真的不相信它會阻止電子支付在美國的發展，我真的相信 Visa 將像我們現在一樣在未來成為其中的重要組成部分。

What that means, what form that takes, what -- how that changes our business model is not -- I'm just not able to specify that at this particular point in time, but you should take some confidence in knowing that we are paying attention.

這意味著什麼，採取什麼樣的形式，什麼——如何改變我們的商業模式不是——我只是無法在這個特定的時間點具體說明，但你應該對知道我們正在付款有信心注意力。

I'm not just sitting on our hands waiting for something to happen.

我不只是坐在我們的手上等待事情發生。

We are aware of the different directions that things can go and we are aware that different things will come into play.

我們知道事情可以發展的不同方向，我們知道不同的事情會發揮作用。

But to specify that publicly right now is just not possible.

但是現在公開說明這一點是不可能的。

The next question comes from Tom McCroghan with Janney.

下一個問題來自 Tom McCroghan 和 Janney。

Your line is open.

你的線路是開放的。

Just two quick questions on the growth in payment transactions.

關於支付交易增長的兩個簡單問題。

They grew $1 billion sequentially, primarily due to the US debit cards.

他們連續增長了 10 億美元，主要是由於美國借記卡。

If not new clients converting, such as WaMu, what drove the really strong sequential growth in US debit cards?

如果不是新客戶轉換，例如 WaMu，是什麼推動了美國借記卡真正強勁的連續增長？

Some of it was WaMu.

其中一些是WaMu。

Some of it was WaMu and some of it was -- we did have some conversions and if I'm -- I think that Chase started putting out Visa cards last July and started their conversions in January and the conversions are still going on and will go on through the end of the year.

其中一些是 WaMu，其中一些是 - 我們確實進行了一些轉換，如果我是 - 我認為 Chase 去年 7 月開始推出 Visa 卡，並在 1 月開始轉換，轉換仍在進行中，並將一直持續到年底。

The next question --

下一個問題——

I would just add to that in addition to the conversions, we are seeing a build in recovery.

除了轉換之外，我只想補充一點，我們正在看到恢復。

These are -- remember, we are comping off of a pretty low volume last year that -- relatively.

這些是 - 請記住，我們去年的銷量相當低 - 相對而言。

We had, actually, negative payment volume growth last year, so we are ramping up.

實際上，去年我們的支付量出現了負增長，所以我們正在加速增長。

And then, in addition to that, you have your conversions that are contributing to that.

然後，除此之外，您的轉化也有助於實現這一目標。

So, it is an underlying resurgence in the business, consumer spend within tha, and then on top of that you have an extra increment associated with the wins that we've experienced and convergence.

因此，這是業務的潛在復蘇，消費者在其中的支出，除此之外，您還有與我們所經歷的勝利和融合相關的額外增量。

The next question comes from Chris Brendler, Stifel Nicolaus.

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

Your line is open.

你的線路是開放的。

Hi, thanks, good afternoon.

你好，謝謝，下午好。

Lots of questions on Durbin, I have one, as well.

關於德賓的問題很多，我也有一個。

The one area I can't put my hands around and I'm hoping you could give me some color commentary since you've been in the business so long is the prospect of merchant discounting.

我不能把手放在一個領域，我希望你能給我一些色彩評論，因為你已經在這個行業這麼久了，那就是商家打折的前景。

Is that a significant risk?

這是一個很大的風險嗎？

It seems like that could be a pretty big impact on payment volumes if discounting for cash or pin debit becomes a big part of US payment system.

如果現金折扣或密碼借記卡成為美國支付系統的重要組成部分，這似乎會對支付量產生相當大的影響。

Do you have any color you can provide on just how big that risk is?

你有什麼可以提供的關於風險有多大的顏色嗎？

Thanks.

謝謝。

We've allowed discounting for a number of years.

我們已經允許打折很多年了。

The definition of how someone can discount has been modestly expanded but, frankly, we've never looked at that as a significant risk.We've always been okay with the notion of discounting.

某人如何打折的定義已適度擴大，但坦率地說，我們從未將其視為重大風險。我們一直對打折的概念表示滿意。

We've had a little bit more trepidation as it relates to surcharging, but not discounting.

我們對附加費感到有些不安，但不是打折。

The next question comes from Tim Willi, Wells Fargo.

下一個問題來自富國銀行的 Tim Willi。

Your line is open.

你的線路是開放的。

Thank you and good afternoon.

謝謝你，下午好。

Question about CyberSource and maybe the longer-term implications of the mobile and eCommerce world.

關於 CyberSource 以及移動和電子商務世界的長期影響的問題。

Is there anything that -- in that business model or as you envision those markets developing, both domestically and overseas, that would have any kind of secular shift on the revenue yield in terms of purchase volume or revenue per transaction, again, as you advance that strategy, which I think you said CyberSource is pretty critical to?

有沒有什麼——在那種商業模式中，或者當你設想這些市場在國內和海外發展時，會在購買量或每筆交易收入方面對收入產生任何長期的轉變，再次，隨著你的進步那個策略，我想你說 CyberSource 對它非常重要？

We have not looked at it so much from the yield side as just the raw revenue -- the secular revenue opportunity and you particularly singled out mobile as opposed to the eCommerce space, which is one of the -- if not our fastest-growing source of transactions, many of which are cross-border.

我們沒有從收益方面看它，而只是從原始收入——長期收入機會，你特別挑出移動而不是電子商務領域，這是我們增長最快的來源之一。交易，其中許多是跨境交易。

So, from that standpoint, on the transaction basis to the extent that there is a disproportionate number of cross-border transactions within the eCommerce space that we're seeking, yes, the yields could be significantly higher.

因此，從這個角度來看，在交易基礎上，如果我們正在尋求的電子商務領域內的跨境交易數量不成比例，是的，收益率可能會顯著提高。

But you focused specifically on mobile and in our view there are going to be, particularly in the developing and emerging countries where a US-type infrastructure is simply not in the cards, there is a significant opportunity for mobile to be the plastic of the emerging and developing world.

但是你特別關注移動，在我們看來，特別是在發展中國家和新興國家，美國式的基礎設施根本不可能，移動有很大的機會成為新興國家的塑料。和發展中國家。

India, it is why we're so focused on building out our business in India because mobile is such a good match with the infrastructure that it will be cost-effective for that enormous country.

印度，這就是為什麼我們如此專注於在印度建立我們的業務，因為移動與基礎設施非常匹配，對於這個龐大的國家來說，它具有成本效益。

The next question comes from Andrew Jeffrey, SunTrust.

下一個問題來自 SunTrust 的 Andrew Jeffrey。

Your line is open.

你的線路是開放的。

Thanks, guys.

多謝你們。

Thanks for taking my question.

感謝您提出我的問題。

Byron, could you put a little bit of an order of magnitude around compression in the data processing field in the fourth quarter?

拜倫，你能把第四季度數據處理領域的壓縮放在一個數量級上嗎？

And then also, a little bit of a decline in the service fee yield this quarter?

然後，本季度的服務費收益率會有所下降嗎？

That's been on-going.

這一直在進行。

Could you comment just on what's going on there?

你能評論一下那裡發生了什麼嗎？

So, let me talk about the data processing first.

所以，讓我先談談數據處理。

The biggest dynamic as you transition from three to four in terms of quarters is that we've lapped the pricing action that we took last year.

就季度而言，當您從三個過渡到四個時，最大的動力是我們已經超越了去年採取的定價行動。

That's by far and away the single largest dynamic.

這是迄今為止最大的單一動力。

And from a modeling perspective, the way you might think about the data -- looking at data processing, as I described in my opening remarks, is that if you began with the underlying transaction growth, Visa-processed transactions are the primary driver of data processing.

從建模的角度來看，您可能會考慮數據的方式——查看數據處理，正如我在開場白中所描述的那樣，如果您從底層交易增長開始，Visa 處理的交易是數據的主要驅動力加工。

And then what we -- basically what we're saying is that as volume is building, a lot of that volume is going to clients that are already in our lowest-pricing tier or we're putting more of the volume in lower-pricing tiers and that is -- that's a natural outgrowth of the -- of a healthy growth in the business and what happens when you have increasing economies of scale.

然後我們——基本上我們要說的是，隨著銷量的增加，很多銷量都流向了已經處於我們最低定價層的客戶，或者我們將更多的銷量投入到低價位這就是——這是業務健康增長的自然產物，以及當你擁有不斷增長的規模經濟時會發生什麼。

We share that with our clients.

我們與客戶分享這一點。

And so, that's basically the dynamic on the data processing side.

因此，這基本上是數據處理方面的動態。

On service fees, this is much more -- it's a much more complicated dynamic.

關於服務費，這要多得多——這是一個更複雜的動態。

I wouldn't read too much into month-to-month shift and so, hard to comment surgically on that.

我不會過多地閱讀每月的輪班，因此很難對此發表評論。

I would just say there's no material call-out today on service fee trending.

我只想說今天沒有關於服務費趨勢的實質性呼籲。

The next question comes from David Parker, Lazard Capital Markets.

下一個問題來自 Lazard Capital Markets 的 David Parker。

Your line is open.

你的線路是開放的。

Thank you, good afternoon.

謝謝，下午好。

During the quarter you released a new eCommerce product, payclick, in Australia that stacks up better with PayPal than Right Click did.

在本季度，您在澳大利亞發布了一款新的電子商務產品 payclick，與 PayPal 相比，它與 Right Click 的搭配更好。

Can you just comment on your strategy with that product and how you might use the CyberSource acquisition to get closer to the merchant and penetrate that channel?

您能否評論一下您對該產品的策略以及您如何利用收購 CyberSource 來接近商家並滲透該渠道？

Thanks .

謝謝 。

On payclick, literally in June we just launched a pilot and as you pointed out, that was done in Australia so it is very, very early days in that.

在 payclick 上，實際上是在 6 月份，我們剛剛啟動了一個試點項目，正如你所指出的，這是在澳大利亞完成的，所以現在還處於非常非常早期的階段。

We'll have much more to talk about that going forward, but early days on that pilot just underway.

我們將有更多關於未來的討論，但該試點的早期階段正在進行中。

Stay tuned.

敬請關注。

The next question comes from Sanjay Sakhrani, KBW.

下一個問題來自 KBW 的 Sanjay Sakhrani。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

I just have a quick question on pricing changes.

我只是有一個關於定價變化的快速問題。

I seem to recall there was a pricing change that would kick in July.

我似乎記得 7 月份會有價格變化。

One, I wanted to make sure that was the case and, two, just wanted to make sure that was incorporated into the revenue guidance?

一，我想確保情況如此，二，只是想確保將其納入收入指導？

Thank you.

謝謝你。

The answer is -- it was a -- there was a price increase -- a pricing action that took effect in July but because of the quarter lag in our reporting of service fees, that won't actually show up until the first fiscal quarter of next year.

答案是——價格上漲——定價行動於 7 月生效，但由於我們報告服務費的季度滯後，直到第一財季才會真正出現明年的。

Yes, and on the second part of your question, it is incorporated in the guidance that we have given for fiscal-year 2011.

是的，關於你問題的第二部分，它包含在我們為 2011 財年提供的指導中。

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, good afternoon.

謝謝，下午好。

I guess the one area on revenues that missed the market as far as where we were modeling with International transaction fees, especially given the easy comp of last year, but anything to call out there?

我想，就我們用國際交易費用建模的地方而言，收入方面的一個領域錯過了市場，特別是考慮到去年的簡單競爭，但有什麼值得一提的嗎？

And then as a follow up, just on the incentive line, was there any recurring themes on why a lot of the deals got pushed out beyond the third quarter and what are the chances that you don't get some of those not until fiscal 2011?

然後作為後續行動，就在激勵線上，是否有任何反復出現的主題，說明為什麼很多交易被推遲到第三季度之後，以及直到 2011 財年你才能獲得其中一些交易的可能性有多大？ ?

Thanks.

謝謝。

No call-out on the international.

國際上沒有叫號。

It is somewhat impacted by currency, but basically we just outperformed during the quarter and this has been a significant upside for us during the year.

它在一定程度上受到貨幣的影響，但基本上我們在本季度的表現剛剛好，這對我們今年來說是一個重大的上行空間。

Just to give you all a little color, in April -- month of April, in constant dollars cross-border volume was up 15%; May, 19%; June, 18%; July through the first 21 days, 18%, and that compares to the first month of the fiscal year when cross-border was zero.

只是為了給大家一點顏色，在四月——四月，以不變美元計算的跨境交易量增長了 15%；五月，19%；六月，18%； 7 月到前 21 天，18%，與跨境為零的財政年度第一個月相比。

So, this has been a very good story for us through the course of the year.

所以，在這一年裡，這對我們來說是一個非常好的故事。

With regards to timing of contracts, this is always hard.

關於合同的時間安排，這總是很困難的。

It's just hard to pick the corner and so nothing to read into this other than the pace has probably slowed a bit because of -- with our US banks, given the dramatic attention that Washington has demanded over the last two quarters.

很難選擇一個角落，所以除了速度可能有所放緩之外，沒有什麼可以解讀的，因為 - 鑑於華盛頓在過去兩個季度中要求的巨大關注，我們的美國銀行。

Other than that, I would say nothing in particular to read in it.

除此之外，我不會說什麼特別要讀它。

The next question comes from Bruce Harting, 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。

I'd be curious -- it's hard to differentiate over these last few months of underperformance between fears of double dip, or the things that have happened in the legislation, but I would just be curious.

我很好奇——在過去幾個月表現不佳的情況下，很難區分對二次探底的恐懼或立法中發生的事情，但我只是好奇。

Your view on the feedback you get, what is weighing more heavily on the stock?

您對收到的反饋的看法，什麼對股票的影響更大？

Is it implications from the Durbin Amendment or just fears of a double dip.

是德賓修正案的影響還是對二次探底的恐懼。

But, Joe, your comment that Durbin won't impact until this time next year, so, therefore, might have impact on fourth quarter next year.

但是，喬，您關於德賓要到明年這個時候才會影響的評論，因此，可能會對明年第四季度產生影響。

Thus, 20% EPS growth is still in place is very reassuring [in your] guidance today which, thank you.

因此，20% 的每股收益增長仍然存在，這非常令人放心[在您的]今天的指導中，謝謝。

But in the past the precedent of Australia suggested there wouldn't be an impact on Visa.

但過去澳大利亞的先例表明不會對Visa產生影響。

So, I'm just wondering are you implying that there may be an im -- that there -- is that a change in the view from Australia that the Durbin Amendment may, indeed, impact you and is it too simplistic to simply divide per -- to get to per card debit spend.

所以，我只是想知道你是否暗示可能存在一個問題——即存在——澳大利亞的觀點發生了變化，即德賓修正案可能確實會影響你，簡單地劃分每個人是否過於簡單- 達到每張卡借記卡消費。

I get about $2,500 if I just take total cards by annual debit spend.

如果我按年度借記卡支出計算總卡，我可以獲得大約 2,500 美元。

Couldn't the banks simply -- that's about $20, $25 a year of income at a 1% average debit fee.

銀行不能簡單地——大約是 20 美元，每年 25 美元的收入，平均借記費為 1%。

Couldn't the banks simply replace that with some other form of fee in their bundled checking account structure and recoup what they lose in debit interchange?

銀行難道不能在捆綁的支票賬戶結構中簡單地用其他形式的費用代替它，並彌補他們在藉方交換中的損失嗎？

So another reason I'm wondering why you -- it seems like you might suggest post-2011 there could be an impact on the fees you receive?

所以我想知道為什麼你的另一個原因 - 似乎你可能會建議 2011 年後可能會對你收到的費用產生影響？

I don't know that I indicated that I thought that there was going to be an impact one way or the other, I just said that I have clarity as it relates to where we are for the last quarter of this year and next year.

我不知道我是否表示我認為會以某種方式產生影響，我只是說我很清楚，因為這與我們在今年最後一個季度和明年的情況有關。

I also said I wasn't sure of all of the implications and I wasn't sure of exactly how we would position ourselves in response to some of the implications.

我還說我不確定所有的影響，我不確定我們將如何定位自己以應對一些影響。

But if I indicated to you that I thought there was a storm on the horizon, I didn't mean to.

但是，如果我向你表示我認為地平線上即將發生風暴，那我不是故意的。

I just -- I'm just not going beyond 2011 at this particular juncture.

我只是——在這個特定的時刻，我只是不會超過 2011 年。

As it relates to your question about our stock, you guys have more to say about that than I do.

由於它與您對我們股票的問題有關，因此你們比我有更多的發言權。

You tell me what happened.

你告訴我發生了什麼事。

I don't -- that's not my job.

我不——那不是我的工作。

My job is to tell you who we are, how we're performing and how we see our performance in the future and that's what we're doing.

我的工作是告訴你我們是誰，我們的表現如何，以及我們如何看待未來的表現，這就是我們正在做的事情。

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

何塞，在這一點上，我們有時間再問一個問題。

The last question does come from Jamie Friedman, Susquehanna.

最後一個問題確實來自 Susquehanna 的 Jamie Friedman。

Your line is open.

你的線路是開放的。

Hi, thank you for taking my question.

您好，感謝您提出我的問題。

So, just as we tune the model, Byron, the personal ex -- personnel expenses were somewhat lower than what we had modeled, but the professional consulting fees were higher.

所以，就在我們調整模型的時候，個人前任拜倫的人事費用比我們建模的要低一些，但專業諮詢費要高一些。

I realize that you said the professional consulting fees were related to CyberSource.

我知道您說專業諮詢費與 CyberSource 有關。

Will those sunset as we move into fiscal 2011 and is the reduction in personnel expenses sustainable?

隨著我們進入 2011 財年，這些是否會日落？人事費用的減少是否可持續？

So, with regards to CyberSource, we had some impact in pro fees in the third quarter.

因此，關於 CyberSource，我們在第三季度對專業費用產生了一些影響。

We will have much more in the fourth because we close out the transaction during that quarter and so most of the direct CyberSource cost at -- that are specifically deal related will, hit in the fourth and of course, will not reoccur.

我們將在第四季度獲得更多，因為我們在該季度結束了交易，因此大部分直接 CyberSource 成本 - 特別是與交易相關的將在第四季度受到打擊，當然不會再次發生。

We could easily have some integration cost that will stretch over into the early part of fiscal-year 2011, but the CyberSource piece pretty much goes away at the end of this quarter.

我們可以很容易地產生一些集成成本，這些成本將延續到 2011 財年的早期，但 CyberSource 部分在本季度末幾乎消失了。

Personnel, we will -- we're not going to talk about that specifically but what we will do on the next earnings call is give you a sense as to where we see revenue growth and where we see margins -- operating margins, which will encompass personnel and don't be surprised if we have a word or two on marketing.

人員，我們會——我們不會具體討論這個問題，但我們將在下一次財報電話會議上做的是讓你了解我們在哪裡看到收入增長和在哪裡看到利潤率——營業利潤率，這將包括人員，如果我們在營銷方面有一兩句話，請不要感到驚訝。

Well, that concludes the call.

好了，電話到此結束。

Thank you, everybody, for joining us here today.

謝謝大家今天加入我們。

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

如果有人有任何後續問題，請隨時致電維多利亞或我本人。

Thanks again.

再次感謝。

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, you may go ahead and disconnect at this time.

通話已結束，此時您可以繼續斷開連接。