Visa Inc (V) 2010 Q4 法說會逐字稿

Welcome to Visa, Inc.'s fiscal Q4 2010 earnings conference call.

歡迎參加 Visa, Inc. 的 2010 財年第四季度財報電話會議。

All participants are in 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 like to turn the conference over to your host, Mr.

我想把會議交給你的主持人，先生。

Jack Carsky, head of global investor relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Visa, Inc.'s fiscal fourth-quarter and full-year 2010 earnings conference call.

下午好，歡迎參加 Visa, Inc. 的 2010 財年第四季度和全年財報電話會議。

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

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 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，前瞻性陳述不能保證未來業績，並且由於各種因素，實際結果可能與此類陳述存在重大差異。

These include setbacks in the global economy and the impact of new financial reform regulations.

其中包括全球經濟的挫折和新金融改革法規的影響。

Additional information concerning these factors is available in the Company's filings with the SEC, which can be accessed through 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, the related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal fourth-quarter and full-year 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，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們第四財季和全年收益隨附的財務和統計摘要中找到新聞稿。

This release can also be accessed through the investor relation 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 as always, thank you all for joining us today.

謝謝，傑克，一如既往，感謝大家今天加入我們。

Visa closed out fiscal 2010 with another solid quarter, delivering net operating revenues of over $2.1 billion, which was a 13% increase over last year.

Visa 在 2010 財年以又一個穩健的季度收官，淨營業收入超過 21 億美元，比去年增長 13%。

These revenue gains were driven by double-digit growth in payment volume, cross-border volume and Visa process transactions coming from all areas of the globe.

這些收入增長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。

For all of fiscal 2010, net revenue was a record $8.1 billion, a 17% increase over 2009.

2010 財年全年，淨收入達到創紀錄的 81 億美元，比 2009 年增長 17%。

Adjusted net income for the quarter, which excludes the gain from revaluing the Visa Europe put, was $695 million, a 35% increase over the prior year.

本季度調整後的淨收入（不包括重估 Visa Europe 看跌期權的收益）為 6.95 億美元，比上年增長 35%。

This equates to diluted earnings per share of $0.95, a 38% increase over the fourth quarter of 2009.

這相當於每股攤薄收益 0.95 美元，比 2009 年第四季度增長 38%。

For the full-year 2010, adjusted net income was $2.9 billion, a 23% increase over 2009.

2010 年全年，調整後淨收入為 29 億美元，比 2009 年增長 23%。

Full-year adjusted diluted earnings per share came in at $3.91, 26% ahead of last year.

全年調整後攤薄每股收益為 3.91 美元，比去年高出 26%。

Importantly, we delivered on all of the guidance we laid out at the start of our fiscal year.

重要的是，我們兌現了我們在財年開始時制定的所有指導方針。

On a separate front, we completed the repurchase of $800 million worth of class D stock earlier this month, or approximately 11 million shares on an as-converted basis.

在另一個方面，我們本月早些時候完成了價值 8 億美元的 D 類股票的回購，或約 1100 萬股轉換後的股票。

And today we announced the authorization of a new $1 billion share repurchase program for fiscal 2011, while last week we raised our quarterly dividend by 20% over the prior year.

今天，我們宣布批准一項新的 10 億美元的 2011 財年股票回購計劃，而上週我們將季度股息比上一年提高了 20%。

All of these actions reaffirm our commitment to return excess cash to our shareholders, a commitment that we initially laid out almost three years ago.

所有這些行動都重申了我們向股東返還多餘現金的承諾，這是我們大約三年前最初提出的承諾。

But, of course, we will only do this after all appropriate investment and opportunities to fuel future growth have been funded.

但是，當然，我們只會在所有適當的投資和推動未來增長的機會都獲得資金之後才會這樣做。

We continue to take steps to solidify our foundation for long-term growth.

我們將繼續採取措施鞏固我們的長期增長基礎。

We successfully renewed several client contracts during the quarter.

我們在本季度成功續簽了幾份客戶合同。

Importantly, this includes securing the early renewal of a major relationship that now leaves us with no major renewals until the beginning of fiscal 2013.

重要的是，這包括確保重要關係的早期更新，這使我們在 2013 財年初之前沒有重大更新。

While there are challenges to address, we remain confident in our ability to adapt to the changing environment, and we remain committed to being a growth Company.

儘管有挑戰需要解決，但我們仍然對自己適應不斷變化的環境的能力充滿信心，並且我們仍然致力於成為一家成長型公司。

While Byron will discuss in greater detail our overall guidance for 2011 and the nuances therein, I'm pleased to report that we will continue to target 11% to 15% net revenue growth, greater than 20% earnings per share growth, and are raising our cash-flow guidance to greater than $3 billion.

雖然拜倫將更詳細地討論我們對 2011 年的總體指導以及其中的細微差別，但我很高興地報告，我們將繼續以 11% 至 15% 的淨收入增長、超過 20% 的每股收益增長為目標，並且正在提高我們的現金流指導超過 30 億美元。

Our current guidance takes into account a step up into our global investments.

我們目前的指導考慮到我們在全球投資方面的進一步發展。

This also includes resources to respond effectively to respond effectively to any changes in the US debit landscape.

這還包括有效應對美國借方形勢變化的資源。

Visa will remain focused on maintaining its industry leadership through growth and innovation.

Visa 將繼續專注於通過增長和創新保持其行業領先地位。

Backstopping that leadership has been a willingness to apply the necessary investment hours behind new initiatives, expansion and defending our position in the US market.

支持這種領導地位的是願意在新舉措、擴張和捍衛我們在美國市場的地位背後投入必要的投資時間。

We recognize that we must remain adaptable and innovative, appropriately addressing the economic, regulatory or legal challenges before us.

我們認識到，我們必須保持適應性和創新性，適當應對擺在我們面前的經濟、監管或法律挑戰。

We believe we have made good progress in working with the US government to bring clarity to two important issues that directly impact our business.

我們相信我們在與美國政府合作方面取得了良好進展，以明確兩個直接影響我們業務的重要問題。

First, we resolved with the Department of Justice, and second, we have met with the Federal Reserve staff on multiple occasions to discuss Visa's place in the payments industry and the industry in general.

首先，我們與司法部達成了解決方案，其次，我們多次與美聯儲工作人員會面，討論 Visa 在支付行業和整個行業中的地位。

We are encouraged by the open and inclusive process that has been adopted.

我們對已通過的開放和包容的進程感到鼓舞。

But as we have been saying, we have to wait until the rules are finalized to provide you with more detail regarding the financial impact this year and in the ensuing years.

但正如我們一直所說，我們必須等到規則最終確定後，才能為您提供有關今年和隨後幾年的財務影響的更多詳細信息。

That being said we are not sitting idly by.

話雖如此，我們並沒有袖手旁觀。

We have had a team in place for several months focusing on how we will resolve our debit strategy based on potential outcome of the fed's rule-making process.

幾個月來，我們已經組建了一個團隊，專注於如何根據美聯儲規則制定過程的潛在結果來解決我們的借記策略。

As a result, we have developed a range of strategy options that we will choose from.

因此，我們開發了一系列可供我們選擇的策略選項。

It's very important to keep financial reform in perspective.

正確看待金融改革非常重要。

Our foundation remains solid.

我們的基礎依然穩固。

We are a diversified global business in a growth industry, and we will continue to invest to develop or acquire the products and services that drive long-term growth.

我們是一家成長型行業中的多元化全球企業，我們將繼續投資開發或獲取推動長期增長的產品和服務。

There's been a lot written of late about Visa's prospects of the US debit market given recent legislative development.

鑑於最近的立法發展，最近有很多關於 Visa 在美國借記卡市場的前景的文章。

Let me give you my perspective about this.

讓我談談我對此的看法。

There is a reason we have a strong leadership position in this market.

我們在這個市場擁有強大的領導地位是有原因的。

We have the best processing technology, value-added services and brand in the business.

我們擁有業內最好的加工技術、增值服務和品牌。

We will continue to use those assets to win in the marketplace.

我們將繼續利用這些資產在市場上取勝。

Let me now turn the call over to Byron to take you through the details of our financial results, and then I'll be back to provide some context on what we are thinking about from a global investment and opportunity perspective.

現在讓我把電話轉給拜倫，帶您了解我們財務業績的詳細信息，然後我會回來提供一些背景信息，說明我們從全球投資和機會的角度考慮的內容。

Thank you, Joe.

謝謝你，喬。

In today's call I'm going to cover first, our global payment volume and transaction trends for both the June and September quarter, as well as payment and transaction results for the first three weeks of October.

在今天的電話會議中，我將首先介紹我們 6 月和 9 月季度的全球支付量和交易趨勢，以及 10 月前三週的支付和交易結果。

Remember, the June quarter informs our fiscal fourth-quarter service revenue.

請記住，6 月季度反映了我們第四財季的服務收入。

Please note that we have also included CyberSource payment volume statistics to our operational performance data supplement beginning this quarter.

請注意，從本季度開始，我們還將 CyberSource 支付量統計數據納入我們的運營績效數據補充。

Following the review of our revenue drivers I'll cover the financial highlights of our fiscal fourth quarter and full year, followed by guidance for fiscal-year 2011.

在回顧了我們的收入驅動因素之後，我將介紹我們第四財季和全年的財務亮點，然後是 2011 財年的指導。

Given yesterday's informational call on CyberSource revenue impact, changes in income state presentation related to our Visa Extras business and non-Visa process transactions, and a reevaluation of the Visa Europe put, I will not today specifically address these topics.

鑑於昨天關於 CyberSource 收入影響的信息呼籲、與我們的 Visa Extras 業務和非 Visa 流程交易相關的收入狀態呈現變化，以及對 Visa Europe 看跌期權的重新評估，我今天不會專門討論這些主題。

If you missed the call, the webcast replay and associated PowerPoint presentation is on our website, and you can reach out to our IR team for additional clarification.

如果您錯過了電話，我們的網站上有網絡廣播重播和相關的 PowerPoint 演示文稿，您可以聯繫我們的 IR 團隊以獲取更多說明。

Global payment volume growth for the quarter in constant dollars was 14%,flat from the March period.

以美元計，本季度全球支付量增長 14%，與 3 月份持平。

Meaningful growth was sustained in every region of the globe.

全球每個地區都保持了有意義的增長。

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

在美國，6 月季度的支付量增長了 14%，高於 3 月季度的 13%。

Rest of world payment volume on a constant dollar basis was 14% in the June quarter, essentially flat to the 15% rate delivered in the March quarter.

6 月季度，按固定美元計算，世界其他地區的支付量為 14%，與 3 月季度的 15% 基本持平。

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。

Turning to the most recent quarter, September global payment volume growth in constant dollars was 14%, same as the June quarter.

談到最近一個季度，9 月份全球支付量以固定美元計算為 14%，與 6 月份季度相同。

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

在美國，9 月季度的支付量增長 13%，略低於 6 月季度的 14%。

The rest of world payment volume on a constant dollar basis grew at 14% in the September quarter, flat from a 14% rate 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 14%，與 6 月季度的 14% 持平。

More recently, through October 21, US payment volume growth held steady at 13%.

最近，截至 10 月 21 日，美國支付量增長穩定在 13%。

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%。

In the September quarter, global cross-border volume growth delivered a strong 16% growth, as the world economy continues to mend.

在 9 月季度，隨著世界經濟繼續好轉，全球跨境交易量實現了 16% 的強勁增長。

October cross-border growth on a constant dollar basis sustained the momentum we saw in the September quarter, posting a 17% rate of growth through the 21st of the month.

10 月按固定美元計算的跨境增長保持了我們在 9 月季度看到的勢頭，到本月 21 日實現了 17% 的增長率。

Transactions processed over Visa's network totaled 12.1 billion in the fiscal fourth quarter, an increase of 16% over the similar period a year ago and ahead of the 14% growth rate we saw in the June quarter.

第四財季通過 Visa 網絡處理的交易總額為 121 億筆，比去年同期增長 16%，高於我們在 6 月季度看到的 14% 的增長率。

Process transactions through the 21st of October continued their growth at 16% over the prior-year period.

截至 10 月 21 日，流程交易繼續比去年同期增長 16%。

CyberSource, billable transactions on a pro forma basis totaled 829 million for the quarter, a very strong 36% growth rate and three billion for the year, an equally impressive 32% rate of growth.

CyberSource 本季度以備考為基礎的可計費交易總計 8.29 億筆，增長率非常強勁，達到 36%，全年為 30 億筆，增長率同樣令人印象深刻，達到 32%。

We expect continued strength in this part of our business as e-Commerce activity continues to grow both in the US and internationally.

隨著電子商務活動在美國和國際上的持續增長，我們預計這部分業務將繼續保持強勁勢頭。

Please see our operational performance data supplement for a history of CyberSource billable transactions.

有關 CyberSource 可計費交易的歷史記錄，請參閱我們的運營績效數據補充。

Now, turning to the income statement.

現在，轉向損益表。

In our fiscal fourth quarter, gross revenues of $2.5 billion were up 15% from the similar period in 2009.

在我們的第四財季，總收入為 25 億美元，比 2009 年同期增長 15%。

For all of 2010, gross revenues were $9.6 billion, or up 18% over the prior year.

2010 年全年，總收入為 96 億美元，比上一年增長 18%。

Net operating revenues in the quarter were $2.1 billion, a 13% increase over 2009, driven by a sustained economic recovery, ongoing sector growth and the two months of revenue contributed by CyberSource, which totaled $41 million.

本季度的淨營業收入為 21 億美元，比 2009 年增長 13%，這得益於持續的經濟復甦、持續的行業增長以及 CyberSource 貢獻的兩個月收入總計 4100 萬美元。

Visa, without CyberSource, grew 11% in the quarter.

沒有 CyberSource 的 Visa 在本季度增長了 11%。

For the full fiscal-year 2010, net revenues were $8.1 billion, a 17% increase over the prior year.

整個 2010 財年，淨收入為 81 億美元，比上年增長 17%。

Moving to the individual revenue line items.

轉到各個收入行項目。

Service revenue was $912 million, up 13% over the prior-year period, and reflective of strong payment volume growth in the quarter ending June.

服務收入為 9.12 億美元，比去年同期增長 13%，反映出截至 6 月的季度支付量強勁增長。

Keep in mind that our previously-announced price adjustment, enacted in July, will not manifest itself until our fiscal first quarter of 2011.

請記住，我們之前宣布的 7 月實施的價格調整要到 2011 財年第一季度才會顯現。

Data processing revenue was $840 million, up 15% over the prior-year's quarter, based on a similarly strong process transaction growth rate.

基於同樣強勁的流程交易增長率，數據處理收入為 8.4 億美元，比去年同期增長 15%。

Also influencing this quarter's revenue was a $37 million contribution from the CyberSource acquisition.

影響本季度收入的還有來自 CyberSource 收購的 3700 萬美元。

As I mentioned in our call yesterday, the majority of CyberSource's revenues flow through this line.

正如我在昨天的電話會議中提到的，CyberSource 的大部分收入都來自這條線。

International transaction revenues were up 22%, to $619 million due to the sustained improvement in cross-border volumes during the period.

由於期內跨境交易量持續改善，國際交易收入增長 22% 至 6.19 億美元。

We have not seen any sign of protracted slowdown in cross-border volumes, suggesting a continued healthy global travel outlook.

我們沒有看到任何跨境交易量長期放緩的跡象，這表明全球旅遊前景持續健康。

Volumes and support incentives as a percentage of gross revenues came in at 17%, a little higher than our run rate the first three quarters due to the successful signing of certain contract renewals during the quarter, which carried a high level of one-time contra revenue incentives.

數量和支持激勵佔總收入的百分比為 17%，略高於我們前三個季度的運行率，原因是該季度成功簽署了某些續約合同，這帶來了高水平的一次性合同收入激勵。

As Joe already mentioned, we are quite pleased that we were able to resign these issuers.

正如喬已經提到的，我們很高興能夠辭去這些發行人的職務。

Total operating expenses for the fourth fiscal quarter were $1 billion, flat to the year-ago period despite the incremental addition of approximately $60 million in expense from the CyberSource acquisition.

儘管從 CyberSource 收購中增加了約 6000 萬美元的費用，但第四財季的總運營費用為 10 億美元，與去年同期持平。

Absent this impact, the year-over-year quarterly decline was driven primarily by lower marketing and advertising spend for the full fiscal year 2010, expenses were flat, coming in at $3.5 billion versus $3.4 billion in 2009 and in line with our guidance going into this year.

在沒有這種影響的情況下，季度同比下降主要是由於 2010 財年整個財年的營銷和廣告支出下降，支出持平，為 35 億美元，而 2009 年為 34 億美元，符合我們的指導方針今年。

For the quarter our operating margin was 53% as a result of slightly-higher expenses and the two-month impact of CyberSource, which for all of 2010 the operating margin was 57%, in line with our guidance of mid to high 50s.

由於費用略高和 CyberSource 的兩個月影響，本季度我們的營業利潤率為 53%，2010 年全年營業利潤率為 57%，符合我們 50 年代中高點的指導。

The foreign exchange impact on net revenue in the fourth fiscal quarter and full year was a positive 1% as a result of continued weakness of the US dollar in combination with our currency hedges.

由於美元持續疲軟以及我們的貨幣對沖，第四財季和全年的外匯對淨收入的影響為正 1%。

The CyberSource acquisition added an incremental $60 million to operating expenses this quarter, including $15 million of depreciation and amortization, as well as minor stock-compensation expense.

對 CyberSource 的收購使本季度的運營費用增加了 6000 萬美元，其中包括 1500 萬美元的折舊和攤銷，以及少量的股票補償費用。

Set against the $41 million of incremental revenue, the two months of CyberSource on the books were approximately $0.02 dilutive to the quarter.

與 4100 萬美元的增量收入相比，賬面上兩個月的 CyberSource 對本季度的稀釋約為 0.02 美元。

As we telegraphed on last quarter's call, we expected an elevated tax rate this quarter due to the impact of the CyberSource, the true-up of our state tax rate and the related adjustments to our deferred tax liabilities recorded as part of our October 2007 reorganization.

正如我們在上個季度的電話會議上電報的那樣，由於 CyberSource 的影響、我們州稅率的修正以及作為我們 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，我們預計本季度的稅率會提高.

In the end it was not as impactful as we had expected, though the rates still approach 38%, excluding the reevaluation of the Visa Europe put option.

最後，它的影響沒有我們預期的那麼大，儘管利率仍然接近 38%，不包括對 Visa Europe 看跌期權的重新評估。

This resulted in a full-year tax rate of 37%, excluding, again, the revaluation of the Visa Europe put option.

這導致全年稅率為 37%，再次不包括 Visa Europe 看跌期權的重估。

As discussed on yesterday's call, we have decreased the value of the Visa Europe put by $79 million, primarily reflecting a contraction in Visa, Inc.'s EE ratio.

正如昨天的電話會議所討論的，我們已將 Visa Europe 的價值減少了 7900 萬美元，主要反映了 Visa, Inc. 的 EE 比率的收縮。

This nonrecurring, nontaxable event was flowed through the fourth quarter income statement, resulting in a reported EPS of $1.06 for the quarter and $4.01 for the year.

這一非經常性、非應稅事件流經第四季度損益表，導致該季度報告的每股收益為 1.06 美元，全年報告為 4.01 美元。

Removing the put's $0.11 impact yields an adjusted EPS of $0.95 for the quarter and $3.91 for the full year, which equates to 26% growth for the year.

除去看跌期權的 0.11 美元影響，本季度調整後每股收益為 0.95 美元，全年調整後每股收益為 3.91 美元，相當於全年增長 26%。

Capital expenditures were $97 million in the quarter and totaled $241 million for all of 2010.

本季度資本支出為 9700 萬美元，2010 年全年總計 2.41 億美元。

This represents ongoing investment in technology, infrastructure and growth initiative.

這代表了對技術、基礎設施和增長計劃的持續投資。

Moving on to the balance sheet, we ended the fourth quarter and the year in the same strong position in which we began;, negligible debt and cash, cash equivalents, restricted cash and available for sale investments of $6 billion.

繼續看資產負債表，我們在第四季度和當年結束時處於與開始時相同的強勢地位；可忽略不計的債務和現金、現金等價物、受限制的現金和可供出售的 60 億美元投資。

Of this total $1.9 billion is restricted cash, which represents an amount sufficient to fully payout the balance of the American Express settlement over the next six quarters, with $1.5 billion that's currently uncommitted.

其中 19 億美元是受限現金，足以支付未來六個季度美國運通和解協議的餘額，其中 15 億美元目前尚未承諾。

As of the end of fiscal Q4, Visa's outstanding share count was 727 million on an as-converted basis.

截至第四財季末，按轉換後的基礎，Visa 的流通股數為 7.27 億股。

Earlier this month, we placed $800 million into the litigation escrow, which had the effect of an 11 million share buyback.

本月早些時候，我們將 8 億美元投入訴訟託管，產生了 1100 萬股股票回購的效果。

On a pro forma basis this will reduce the share count to 716 million.

在備考基礎上，這將使股票數量減少到 7.16 億股。

As Joe mentioned earlier, our board recently authorized another $1 billion repurchase program beyond the $800 million repurchase just completed.

正如喬之前提到的，我們的董事會最近在剛剛完成的 8 億美元回購計劃之外又批准了另外 10 億美元的回購計劃。

We are now on track to return to shareholders $1.8 billion via share buybacks, plus over $400 million in dividends in fiscal 2011.

我們現在正按計劃通過股票回購向股東返還 18 億美元，外加 2011 財年超過 4 億美元的股息。

As perspective, during the past two fiscal years, Visa has repurchased $3.3 billion in stock and paid $0.7 billion in dividends, returning in total $4 billion to shareholders.

從角度來看，在過去兩個財年中，Visa 回購了 33 億美元的股票並支付了 7 億美元的股息，總共向股東返還了 40 億美元。

Fiscal-year 2011 is on track to add $2.2 billion to that total.

2011 財年有望為這一總額增加 22 億美元。

Now let me cover our expectations for fiscal 2011 and beyond.

現在讓我談談我們對 2011 財年及以後的預期。

We are currently targeting net revenue growth to be in the same 11% to 15% range that we have guided to since our IPO.

我們目前的目標是將淨收入增長保持在我們自首次公開募股以來所指導的 11% 至 15% 的範圍內。

Our underlying assumptions for setting this include continued global economic recovery and a steady contribution from cross-border volume.

我們對此做出的基本假設包括全球經濟持續復甦和跨境交易量的穩定貢獻。

Also, as we are substantially end through the end of our fiscal 2011, we expect no significant impact from currency fluctuation.

此外，由於我們的 2011 財年年底基本結束，我們預計貨幣波動不會產生重大影響。

We have assumed impact from the Financial Reform Act, primarily in our fiscal fourth quarter.

我們已經承擔了金融改革法案的影響，主要是在我們的第四財季。

In addition, as discussed on yesterday's call, please note that our revenue growth expectations for 2011 reflect 12 months of CyberSource operations in 2011 versus two months in fiscal 2010; $89 million of Visa's Extras revenue recorded in fiscal year 2010 that will not repeat in fiscal-year 2011, and $140 million of non-Visa processed transaction revenue reported in fiscal-year 2010 that will also not repeat in fiscal year 2011.

此外，正如昨天電話會議所討論的，請注意我們對 2011 年的收入增長預期反映了 CyberSource 2011 年運營 12 個月，而 2010 財年為兩個月； Visa 2010 財年的 Extras 收入中有 8900 萬美元在 2011 財年不會重複，2010 財年的非 Visa 處理交易收入中的 1.4 億美元在 2011 財年也不會重複。

With the early renewal of a major relationship in Q4 and with no major contracts up for renewal for the next two years, volume and support incentives should be in the range of 16% to 16.5% for the year.

由於第 4 季度的主要關係提前續約，且未來兩年內沒有重大合同需要續約，全年的數量和支持激勵應在 16% 至 16.5% 的範圍內。

Our expectation for full-year 2011 operating margin is about 60%, based on the reduction in Visa Extra's expense and lower media costs.

基於 Visa Extra 費用的減少和媒體成本的降低，我們對 2011 年全年營業利潤率的預期約為 60%。

Due to the absence of a major Olympic or World Cup event marketing spend should come in at under $900 million.

由於沒有重大的奧運會或世界杯賽事，營銷支出應低於 9 億美元。

Our full fiscal-year 2011 tax rate should be in the range of 36.5% to 37%.

我們 2011 財年的全部稅率應該在 36.5% 到 37% 的範圍內。

We continue to target better than 20% earnings per share growth in 2011 on an adjusted basis, inclusive of the addition of CyberSource to both years, but excluding the impact from revaluing the Visa Europe put.

我們繼續將 2011 年調整後的每股收益增長目標定在 20% 以上，包括在這兩年增加 CyberSource，但不包括重估 Visa Europe 看跌期權的影響。

Capital expenditures are slated to be in a range of $250 million to $275 million, reflecting additional investment over 2010 in several key growth initiatives, including e-Commerce and CyberSource.

資本支出預計在 2.5 億美元至 2.75 億美元之間，反映出 2010 年對包括電子商務和 CyberSource 在內的幾個關鍵增長計劃的額外投資。

And lastly, we are projecting free cash flow to exceed $3 billion, reflective of our solid earnings trend.

最後，我們預計自由現金流將超過 30 億美元，這反映了我們穩健的盈利趨勢。

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

我的評論到此結束，所以我將把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

Earlier I noted my confidence in the future of Visa.

早些時候，我提到了我對 Visa 未來的信心。

Over more than 50 years our organization has established a track record of adapting and flourishing during times of change by driving unique and tangible value to clients, consumers, merchants and economies.

50 多年來，我們的組織通過為客戶、消費者、商家和經濟體帶來獨特和有形的價值，建立了在變革時期適應和蓬勃發展的良好記錄。

So as we close the prepared portion of this call, I want to leave you with one important thing, investment.

因此，當我們結束本次電話會議的準備部分時，我想給您留下一件重要的事情，投資。

Visa is today and will remain tomorrow a growth Company.

Visa 是今天，明天仍將是一家成長型公司。

To extend that position we are focused on strategically deploying our substantial capital to invest in areas and opportunities with significant long-term growth potential.

為了擴大這一地位，我們專注於戰略性地部署我們的大量資本，投資於具有顯著長期增長潛力的領域和機會。

Our two biggest areas of investment will continue to be international expansion and innovation, both of which are key accelerants to growing Visa's share of the secular trend.

我們最大的兩個投資領域將繼續是國際擴張和創新，這兩者都是促進 Visa 在長期趨勢中份額增長的關鍵因素。

At the same time, we will continue to protect our position globally in all aspects of our business.

同時，我們將繼續在我們業務的各個方面保護我們在全球的地位。

Regarding international expansion, earlier this year we stated our strategic aspiration to derive 50% of our revenues from outside the United States by fiscal-year 2015.

關於國際擴張，今年早些時候，我們提出了到 2015 財年將 50% 的收入來自美國以外的戰略目標。

Our strategic plan for fiscal-year 2011 and beyond includes several initiatives that will help us achieve this goal.

我們的 2011 財年及以後的戰略計劃包括幾項有助於我們實現這一目標的舉措。

First and foremost, we have developed and begun investing in aggressive programs to accelerate growth in key markets around the world, beginning with Brazil, Russia and the Middle East.

首先，我們已經制定並開始投資積極的計劃，以加速全球主要市場的增長，首先是巴西、俄羅斯和中東。

We are also shifting market resources to place increased emphasis on key non-US geographies.

我們還在轉移市場資源，以更加重視關鍵的非美國地區。

In fiscal 2011, we will invest upwards of 60% of Visa's marketing expense on markets outside of the United States, where we are focused on driving growth in the affluent segment and debit at the point of sale.

在 2011 財年，我們將把 Visa 超過 60% 的營銷費用投資於美國以外的市場，在這些市場我們專注於推動富裕階層的增長並在銷售點借記。

And importantly, we are investing significant resources to engage directly with local governments in key markets around the world, highlighting how Visa's network, products and services can help meet their needs and spur economic growth.

更重要的是，我們正在投入大量資源與全球主要市場的地方政府直接接觸，強調 Visa 的網絡、產品和服務如何幫助滿足他們的需求並刺激經濟增長。

I can tell you that many of these conversations are leading to more productive relationships that will help grow our local business, because the fact is the scale, reach and sophistication of our network delivers a compelling value proposition, particularly in emerging markets.

我可以告訴你，這些對話中的許多正在促成更富有成效的關係，這將有助於發展我們的本地業務，因為事實是我們網絡的規模、範圍和復雜性提供了令人信服的價值主張，尤其是在新興市場。

Innovation is also a top growth priority and investment focus.

創新也是重中之重的增長重點和投資重點。

I'm pleased to say we've made progress on a number of fronts this quarter to deliver tangible consumer-facing innovations to market.

我很高興地說，本季度我們在多個方面取得了進展，將面向消費者的切實創新推向市場。

For instance, as the global leader in developing mobile payments we now stand on the threshold of bringing this new technology to consumers in the United States.

例如，作為開發移動支付的全球領導者，我們現在正站在將這項新技術帶給美國消費者的門檻上。

As we speak we are working with many of our largest banks in the country to pilot and commercialize mobile payment programs, including JPMorgan, Wells Fargo, Bank of America and US Bank.

正如我們所說，我們正在與該國許多最大的銀行合作，以試點和商業化移動支付計劃，包括摩根大通、富國銀行、美國銀行和美國銀行。

What excites us the most about our mobile contact of solutions is that it's scalable, it allows customers to use existing bank accounts, and it works with most smartphones in the United States today.

我們的移動聯繫解決方案最讓我們興奮的是它具有可擴展性，它允許客戶使用現有的銀行賬戶，並且它適用於當今美國的大多數智能手機。

We've also seen excellent traction with money transfer.

我們還看到了匯款方面的出色牽引力。

Just last week, in addition several other initiatives in which we are engaged in India, the Reserve Bank of India granted us permission to begin offering inbound, cross-border remittances to eligible Visa debit and Visa prepaid cardholders issued in India, and allows the Visa clients in India to promote our money transfer capability.

就在上週，除了我們在印度參與的其他幾項舉措外，印度儲備銀行允許我們開始向在印度發行的符合條件的 Visa 借記卡和 Visa 預付卡持卡人提供入境跨境匯款，並允許 Visa印度的客戶提升我們的匯款能力。

This service is up and running and generating revenue today.

該服務現已啟動並運行並產生收入。

And of course, our investment in CyberSource is already paying off.

當然，我們對 CyberSource 的投資已經獲得了回報。

You may have seen that on Monday we took a major step forward in enhancing and opening the authorized dot net developer center to independent developers.

您可能已經看到，週一我們在增強並向獨立開發者開放授權的 dotnet 開發者中心方面邁出了重要的一步。

Put simply, we recognize that innovative ideas come from many different people and places.

簡而言之，我們認識到創新想法來自許多不同的人和地方。

By combining the power of our flexible and secure network with a community of developers creating new payment applications we are paving the way for the next generation of payment innovations to come to market quickly and for the benefit of all stakeholders.

通過將我們靈活且安全的網絡的強大功能與創建新支付應用程序的開發人員社區相結合，我們正在為下一代支付創新快速進入市場鋪平道路，並造福所有利益相關者。

I look forward to reporting out on the progress of this and our other key investments over the coming fiscal year.

我期待著在下一個財政年度報告這方面的進展以及我們其他關鍵投資的進展。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Our first question does come from Bryan Keene, Credit Suisse.

我們的第一個問題確實來自瑞士信貸的 Bryan Keene。

Your line is open.

你的線路是開放的。

Hi, good afternoon, guys.

嗨，下午好，伙計們。

I guess, Byron, I was just hoping you could quantify the financial reform impact in the fourth quarter that you guys are taking into account?

我想，拜倫，我只是希望你能量化你們正在考慮的第四季度金融改革的影響？

We have -- I presume you mean fourth quarter of next year, fiscal-year 2011, so we have accounted for that with certain assumptions, which we'll be more forthcoming about once we actually see the rules written.

我們有——我想你的意思是明年第四季度，也就是 2011 財年，所以我們已經用某些假設來解釋這一點，一旦我們真正看到製定的規則，我們會更加坦誠。

So I think the key point to take away here is that management is very comfortable with the guidance that we have given, recognizing that what impact there might be would be limited to the -- largely limited to the fourth quarter.

因此，我認為這裡要帶走的關鍵點是管理層對我們提供的指導非常滿意，並認識到可能產生的影響將僅限於 - 主要限於第四季度。

And we are comfortable with our guidance reflecting that period for the upcoming year and when the fed is more explicit about rulemaking then we'll be able to have a more informed discussion and more informed guidance with regards to fiscal year -- frankly fiscal-year 2011, but more importantly, beyond fiscal-year 2011.

我們對反映來年這段時期的指導感到滿意，當美聯儲對規則制定更加明確時，我們將能夠就財政年度進行更明智的討論和更明智的指導——坦率地說是財政年度2011 年，但更重要的是，在 2011 財年之後。

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

下一個問題來自 JPMC 的 Tien-Tsin Huang。

Your line is open.

你的線路是開放的。

Great, thanks, good quarter here.

太好了，謝謝，這裡的好季度。

I wanted to ask about the incentives and the large renewal.

我想問一下激勵措施和大規模更新。

The incentives came in a little bit better than we expected, but I just wanted to clarify.

激勵措施比我們預期的要好一點，但我只是想澄清一下。

Did the large renewal require any unusual term or pricing concession, and I'm curious, did this renewal get captured in the quarter in terms of incentives, or is that something we'll see in upcoming quarters?

大規模續約是否需要任何不尋常的條款或價格讓步，我很好奇，這種續約是否在本季度獲得了激勵措施，或者我們將在接下來的幾個季度看到這種情況？

The incentives that were a part of the renewal were very much in line with what we had -- with the guidance we had given earlier.

作為更新的一部分的激勵措施與我們所擁有的非常一致——我們之前給出的指導。

It did have an impact in the fourth quarter, as we anticipated.

正如我們預期的那樣，它確實在第四季度產生了影響。

There are no specific call-outs and it is fully embedded in our guidance for 2011.

沒有具體的標註，它完全包含在我們 2011 年的指導中。

Next question comes from [Mosha Coutry, Owen].

下一個問題來自 [Mosha Coutry, Owen]。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Byron, looking at fiscal-year 2011, how should we think about the quarterly revenue progression and then EBIT margins?

拜倫，看看 2011 財年，我們應該如何看待季度收入增長和息稅前利潤率？

And also, for the first time since you went public, advertising and marketing expenses as the percentage of sales declined sequentially, and we're also expecting advertising and marketing to be below $900 million in fiscal-year 2011.

此外，自您上市以來，廣告和營銷費用佔銷售額的百分比首次出現環比下降，我們還預計 2011 財年的廣告和營銷費用將低於 9 億美元。

That's also below the $1 billion bar that you've had since you went public.

這也低於你上市以來的 10 億美元門檻。

Maybe you can give us some color on some of these trends?

也許你可以給我們一些關於這些趨勢的顏色？

Thanks.

謝謝。

We don't comment on quarterly progression, we wait for the earnings calls to do that.

我們不對季度進展發表評論，我們等待財報電話會議這樣做。

To try and be helpful what we've -- particularly since there that we have some unevenness in the progression of the quarters we prefer to guide at the annual level, and with giving you both revenue guidance and margin.

為了嘗試幫助我們所做的事情 - 特別是因為我們更喜歡在年度層面指導的季度進展存在一些不平衡，並為您提供收入指導和利潤。

Clearly if you were to look at fiscal-year 2010 it was a recover year, so the comps we are lapping in 2011 are going to get progressively tougher as you move through the year, and I think that's the perspective we'd suggest you view the course of the year.

很明顯，如果你看一下 2010 財年，那是複甦的一年，所以我們在 2011 年的業績將隨著這一年的發展而變得越來越艱難，我認為這是我們建議你看待的觀點一年的過程。

And the, of course, to the course that we have factored some impact from the Durbin that's largely a fourth-quarter event.

當然，我們已經考慮了德賓的一些影響，這主要是第四季度的事件。

So those -- from that standpoint that's the perspective on the quarterly.

所以那些 - 從這個角度來看，這就是季度的觀點。

With regards to marketing you're right.

關於營銷，你是對的。

We -- up to this point our guidance has been under $1 billion.

我們 - 到目前為止，我們的指導一直低於 10 億美元。

Based on the change in income statement presentation that we will be making with regards to Visa Extras, which is one of topics that was in yesterday's pre-earnings call, there will be $89 million worth of marketing expense that will have been booked in fiscal-year 2010 that will not repeat in fiscal-year 2011.

根據我們將對 Visa Extras 進行的損益表陳述的變化，這是昨天財報電話會議中的主題之一，將有價值 8900 萬美元的營銷費用記入財政- 2010 年不會在 2011 財年重複。

And so that gets you a long way towards moving from under $1 billion to under $900 million.

這樣一來，您就可以從 10 億美元以下發展到 9 億美元以下。

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.

你好謝謝。

Good afternoon.

下午好。

Just a quick question regarding the outlook.

只是一個關於前景的快速問題。

You mentioned the October trends looking relatively in line with what you saw in the September quarter, but it appears to me the comparisons will get tougher as you head deeper into the calendar fourth quarter and certainly has you head into 2011.

您提到 10 月份的趨勢看起來與您在 9 月季度看到的情況相對一致，但在我看來，隨著您深入到日曆第四季度，比較將變得更加艱難，當然您也進入了 2011 年。

Do you expect a material slowdown in volume growth imbedded in your guidance, or are there other offsets there that keep volume growing at double digits?

您是否預計您的指導中包含的銷量增長會大幅放緩，或者是否有其他抵消措施使銷量增長保持兩位數？

Thank you.

謝謝你。

We have assumed that there is a continuing modest recovery through the course of the year, and so that would be a positive growth in volumes in each of the quarters year over year.

我們假設全年會持續溫和復蘇，因此每個季度的銷量都會同比增長。

The next question comes from Tom McCrohan, Janney Montgomery Scott.

下一個問題來自 Tom McCrohan、Janney Montgomery Scott。

Your line is open.

你的線路是開放的。

Hi, thank you.

嗨，謝謝你。

Hey, Byron, in terms of composition from the different revenue categories, what are you thinking about data processing-related fees becoming increasingly more of a bigger portion of overall fees over the next two to three years?

嘿，拜倫，就不同收入類別的構成而言，您如何看待未來兩到三年與數據處理相關的費用在總體費用中所佔的比例越來越大？

Thank you.

謝謝你。

Because the CyberSource revenue is largely going to be booked to data processing, you should expect that that will have a lift in data processing revenue, certainly initially, as a portion of our mix, and then we'll just have to see how we grow the other categories to see how it sorts out.

由於 CyberSource 收入將主要用於數據處理，因此您應該期望這將增加數據處理收入，當然最初是作為我們組合的一部分，然後我們只需要看看我們如何增長其他類別，看看它是如何排序的。

But near term, there will be a lift, because roughly 90% of the data process -- 90% of the CyberSource revenues will be booked to data processing fees, and that is also a subject covered in yesterday's pre-earnings call for those that would like to explore that a bit further.

但短期內會有所提升，因為大約 90% 的數據處理——CyberSource 收入的 90% 將用於數據處理費用，這也是昨天財報電話會議中涵蓋的主題想進一步探索一下。

The next question comes from Dan Perlin, RBC.

下一個問題來自 RBC 的 Dan Perlin。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

I just wanted to explore incentive fees combined with the marketing spending as we think about next year.

我只是想探索激勵費用與我們明年考慮的營銷支出的結合。

The 16% to 16.5% incentive fees are a little bit lower than I thought have given the fact that you had using that product or that incentive line to drive that global acceptance, so have you changed the way you're thinking about that going forward?

16% 到 16.5% 的激勵費用比我想像的要低一點，因為您已經使用該產品或該激勵線來推動全球接受這一事實，所以您是否改變了您對未來的思考方式?

And then secondly, when you put those two categories together, meaning marketing, expending and then total incentives, because the market is seeing a reduction in interchange and therefore not funding as much loyalty points is that also having an effect and is that part of what you're talking about in terms of adjusting for this Financial Reform Act?

其次，當您將這兩個類別放在一起時，即營銷、支出和總體激勵措施，因為市場正在看到交換減少，因此沒有為忠誠度積分提供足夠的資金，這也會產生影響，並且是其中的一部分你說的是根據金融改革法案進行調整？

Thanks.

謝謝。

Let me give you the three drivers that are impacting incentives and holding it into the 16% and 16.5% range.

讓我為您介紹影響激勵措施並將其控制在 16% 和 16.5% 範圍內的三個驅動因素。

First, many of our incentive arrangements are tied to year-over-year growth and when you have growth in a year, that reset the base of which incentives are paid the following year.

首先，我們的許多激勵安排都與同比增長掛鉤，當您在一年內實現增長時，這會重置次年支付激勵的基礎。

So with fiscal-year 2010 being a recovery year, we had unusually large bump in incentives, because there was a steeper recovery in 2010 versus 2009 versus what we would expect in 2001 versus 2010, so that in effect acts as a dampener.

因此，由於 2010 財年是複甦的一年，我們的激勵措施出現了異常大的增長，因為 2010 年與 2009 年相比，我們預期的 2001 年與 2010 年相比，復甦速度更快，因此實際上起到了抑製作用。

Number two, there are no major contract renewals scheduled for 2011, and so this will be a much more normalized year as it relates to incentives.

第二，2011 年沒有重大合同續簽計劃，因此這將是一個更加正常化的年份，因為它與激勵措施有關。

And then finally third, we will add in the CyberSource revenue into our total and that revenue typically doesn't carry with it incentives.

最後是第三點，我們會將 CyberSource 收入添加到我們的總收入中，而該收入通常不附帶激勵措施。

So you put that three together, and that's the principal reason why we are settling in at a 16% to 16.5% rate.

所以你把這三個放在一起，這就是我們以 16% 到 16.5% 的利率穩定下來的主要原因。

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

下一個問題來自美國美林銀行的 Jim Kissane。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Byron, in the past you've given longer term guidance, say going out two years, tonight you're only going out to F 2011, is it primarily due to the Durbin uncertainty or are there other factors involved?

拜倫，過去你給出了更長期的指導，比如說出去兩年，今晚你只出去參加 2011 年的 F，主要是由於德賓的不確定性還是其他因素？

Thanks.

謝謝。

It is our custom to give detailed guidance one year out, which is what we're observing this year, and it would be our expectation that once we've a more definitive clarification from the fed for the rules going forward, that we would then be in a position to give a much more informed and thoughtful guidance for 2012.

我們的習慣是在一年後提供詳細的指導，這是我們今年所觀察到的，我們期望一旦美聯儲對未來的規則做出更明確的澄清，我們就會能夠為 2012 年提供更明智和周到的指導。

So we're going to wait until we can talk about 2012 with that context.

所以我們要等到我們可以在這種情況下談論 2012 年。

The next question comes from Andrew Jeffrey with 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 -- pardon me.

謝謝——原諒我。

Thanks for taking the call.

感謝您接聽電話。

PayPal has become increasingly vocal and aggressive competitively, especially in mobile and gateway solutions and I just wonder -- I know it's been a big partner of CyberSource over the years.

PayPal 在競爭中變得越來越直言不諱，尤其是在移動和網關解決方案方面，我只是想知道——我知道多年來它一直是 CyberSource 的重要合作夥伴。

Wondered if you could just give a competitive commentary in terms of how you view PayPal?

想知道您是否可以就您如何看待 PayPal 發表具有競爭力的評論？

In a lot of ways, they're no friends of your customers as they sort of sap interchange revenue, so I wonder what you think the long-term relationship is between PayPal and CyberSource ?

在很多方面，他們都不是您客戶的朋友，因為他們在某種程度上削弱了交換收入，所以我想知道您認為 PayPal 和 CyberSource 之間的長期關係是什麼？

A lot of the transactions on PayPal are Visa transactions, and I don't necessarily expect that to change in the moderate run.

PayPal 上的很多交易都是 Visa 交易，我並不一定期望這種情況會在適度的運行中發生變化。

As it relates to whether we consider PayPal to be a competitor the answer is, of course we do, and there are a number of things that we have done and are doing that we -- some of which we talked about on this call, some of which we talked at our investor day that we are doing to compete not just with PayPal but other merging payment schemes, and we are focused on investing in and promoting those things that we do best and that fit in best with our business.

由於這與我們是否將 PayPal 視為競爭對手有關，答案是，我們當然會這樣做，而且我們已經做了很多事情，並且正在做這些事情——我們在這次電話會議上談到了其中一些，一些其中我們在投資者日談到，我們不僅要與 PayPal 競爭，還要與其他合併支付方案競爭，我們專注於投資和推廣那些我們最擅長並最適合我們業務的事情。

We're going to continue to do that, and that's pretty much where Visa is.

我們將繼續這樣做，而這幾乎就是 Visa 的所在。

Yes.

是的。

And I would just add that in the way that CyberSource deploys, we have the larger enterprise customers, and we have the ops, and then we have the much smaller businesses that do business in e-Commerce.

我只想補充一點，在 CyberSource 的部署方式中，我們有更大的企業客戶，我們有運營，然後我們有在電子商務中開展業務的小得多的企業。

Our authorized dot net brand under CyberSource is the one that competes successfully in that space.

我們在 CyberSource 下授權的 dotnet 品牌是在該領域成功競爭的品牌。

So that's -- to the extent there is more -- that PayPal is an alternative or authorized dot net is an alternative, it would be more in that space.

這就是——在某種程度上——PayPal 是一種替代方案，或者授權的 dotnet 是一種替代方案，它會更多地出現在那個領域。

Otherwise transactions carry -- as Joe said, transactions carried across PayPal automatically offer Visa as an alternative and we have a big role to play in supporting PayPal in their payment system in that regard.

否則交易會進行——正如喬所說，通過 PayPal 進行的交易會自動提供 Visa 作為替代方案，在這方面，我們可以在支持 PayPal 的支付系統中發揮重要作用。

The next question comes from Adam Frisch with 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, guys, good afternoon.

謝謝各位，下午好。

Just wanted to address the incentives with the renewal, if it was called out.

只是想通過更新來解決激勵問題，如果它被調用的話。

Obviously, it was one of your largest issuers and I'm presuming they issue debit cards.

顯然，它是你們最大的發行商之一，我假設他們發行借記卡。

And if incentives didn't jump and there was no unusual call-outs in the time where I guess you could say banks have some incremental leverage given their (inaudible), should we assume that similar discussions are happening with other banks and maybe the concerns about them coming after you for a concession may be overdone, or is it just one bank that should be taken as a stand-alone incident?

如果激勵措施沒有增加，並且在我猜你可以說銀行有一些增量槓桿（聽不清）的時候沒有不尋常的呼籲，我們是否應該假設其他銀行也在進行類似的討論，也許還有擔憂關於他們為了讓步而追隨你的說法可能有些過頭了，或者它只是一個銀行應該被視為一個獨立的事件？

We completed a transaction with a large client this quarter, and it was a stand-alone transaction, period, and it included credit business and the debit card business and the prepaid business, and so -- and that's about all I can say about it.

我們本季度完成了與一個大客戶的交易，這是一個獨立的交易，期間，它包括信用卡業務、借記卡業務和預付業務，等等——我能說的就這些了.

I don't think that anything that we did or is done with that or others is particularly inconsistent.

我不認為我們所做的或正在做的任何事情或其他事情都是特別不一致的。

I think that -- I don't think there's anything about this that is highly unusual in comparison with other contracts that we sign..

我認為——與我們簽署的其他合同相比，我認為這沒有什麼不尋常的地方。

Yes, let me just emphasize that point, if I could, Adam, so that my earlier comments were not misinterpreted.

是的，讓我強調這一點，如果可以的話，亞當，這樣我之前的評論就不會被誤解。

Incentives were higher in the quarter, they were 17%.

本季度的激勵措施更高，為 17%。

That's high for us.

這對我們來說很高。

A more normalized level 16% to 16.5%.

更標準化的水平為 16% 至 16.5%。

We had a number of major contracts, with one large contract, in particular, that came together and was consummated in this quarter.

我們有許多主要合同，特別是一個大合同，這些合同在本季度完成並完成。

We have -- we had telegraphed several quarters ago that this was a situation that was likely to happen and that it was important to interpret our guidance on a full-yar basis, not what happens in a particular quarter.

我們已經 - 我們在幾個季度前電報說這種情況很可能會發生，重要的是要在全年的基礎上解釋我們的指導，而不是在特定季度發生什麼。

So those -- the deals that we anticipated were brought to resolution in the quarter.

所以那些 - 我們預期的交易在本季度得到解決。

Incentives came in at roughly 17% and are baked into our guidance for next year IN TERMS of the full-year impact.

就全年影響而言，激勵措施大約佔 17%，並被納入我們對明年的指導。

The next question comes from Craig Moore, CLSA.

下一個問題來自里昂證券的 Craig Moore。

Your line is open.

你的線路是開放的。

Good evening.

晚上好。

I was hoping you could add some color around your thoughts on Brazil and I was wondering if you've seen any increase in your growth trajectory following the dissolution of exclusivity in the acquiring market, which I know has increased competition for new merchants there dramatically?

我希望您可以為您對巴西的想法添加一些色彩，我想知道您是否看到在收單市場的排他性解除後您的增長軌蹟有任何增長，我知道這大大增加了對新商家的競爭？

Thanks.

謝謝。

I think it's too early.

我認為現在還為時過早。

First of all, our growth in Brazil is very attractive, it's a robust economy, and our business in Brazil is very strong.

首先，我們在巴西的增長非常有吸引力，經濟強勁，我們在巴西的業務非常強勁。

I think -- we think it's still a bit too early to attribute any growth to the restructured arrangement that is in Brazil.

我認為 - 我們認為將任何增長歸因於巴西的重組安排還為時過早。

Hard to differentiate given that economies are recovering from a recession.

鑑於經濟正在從衰退中復蘇，很難區分。

I think it's safe to say that Brazil is a very attractive.

我認為可以肯定地說巴西是一個非常有吸引力的國家。

high-priority market for us, and we expect great things from that country still to come.

對我們來說是一個高度優先的市場，我們期待這個國家的偉大成就仍將到來。

The next question comes from Bruce Harding, Barclays.

下一個問題來自巴克萊銀行的 Bruce Harding。

Your line is open.

你的線路是開放的。

In the discussions that you described as open and cooperative, is there any news on having a tech solution for differentiating banks below $10 billion, for example, and any color input you might have on differentiation between signature and pen and way the fed is looking at that issue?

在您所描述的開放和合作的討論中，是否有任何關於有一個技術解決方案來區分低於 100 億美元的銀行的新聞，以及您可能對區分簽名和筆以及美聯儲正在查看的方式的任何顏色輸入那個問題？

And then if I may, on the mobile, is one of the things -- as you described working with the banks on rollout of pilot programs and things like that, how is the cost of that research split, and is that one of the embedded benefits you give to your clients as you explore new payment technologies that's a key part of your pricing scheme?

然後，如果我可以的話，在移動設備上，是其中一件事——正如你所描述的與銀行合作推出試點項目之類的事情，研究拆分的成本是多少，是嵌入式的嗎？當您探索作為定價方案關鍵部分的新支付技術時，您為客戶帶來的好處？

Thanks.

謝謝。

As it relates to the first part of your question relating to the fed, our conversations with the fed have been focused on the competitive landscape and the debit business, the substantial investments and the long-going investments required to keep the global payment system running secureably and reliably.

由於它與您與美聯儲有關的問題的第一部分有關，我們與美聯儲的對話主要集中在競爭格局和借記業務、保持全球支付系統安全運行所需的大量投資和長期投資並且可靠。

We've talked to them why we believe cardholders should have the right to choose which payment networks to route their transactions on and why consumers making network choice expect to receive benefits of that selection; fraud benefits, charge-back benefits, rewards and promotions, things like that.

我們已經與他們討論了為什麼我們認為持卡人應該有權選擇在哪些支付網絡上進行交易，以及為什麼做出網絡選擇的消費者期望從該選擇中獲得好處；欺詐福利、退款福利、獎勵和促銷，諸如此類。

So that's the kind of dialogue that we've had with the fed.

這就是我們與美聯儲進行的那種對話。

As it relates to how the fed interprets it and it relates to how the fed interprets the question of signature versus pen and how many issuers do you have to have, we continue to believe that there would be a single signature issuer and at least two pen issuers.

由於它與美聯儲如何解釋它有關，它與美聯儲如何解釋簽名與筆的問題以及您必須擁有多少個發行人有關，我們仍然認為會有一個簽名發行人和至少兩個筆發行人。

Now that doesn't mean that that's going to happen, but we don't know what's going to happen until we see what they come out with.

現在這並不意味著這會發生，但我們不知道會發生什麼，直到我們看到他們的結果。

I think that to say that our meeting with them is open and constructive, it's open in the sense that they are curious about the business, curious about what's going on, interested in knowing what our thoughts are, and I think we've done it in a way that they at least trust the data that we're giving them.

我認為要說我們與他們的會面是開放的和建設性的，這是開放的，因為他們對業務感到好奇，對正在發生的事情感到好奇，有興趣了解我們的想法，我認為我們已經做到了在某種程度上，他們至少信任我們提供給他們的數據。

As it relates to how they digest that data and what they do with it or what they feel that they can do with it, that remains to be seen.

因為這與他們如何消化這些數據以及他們如何處理這些數據或他們認為他們可以用它做什麼有關，這還有待觀察。

On the mobile front, much of what we do is -- you would consider R&D spending, and we do the investment, we incur costs, but we don't try and cover the full gamut.

在移動方面，我們所做的大部分工作是——你會考慮研發支出，我們進行投資，我們產生成本，但我們不會嘗試覆蓋全部範圍。

And so where we have other -- where there's other expertise required, we might, for example, do a joint venture with another technology company, which is exactly the case with the joint venture we have with Monetize.

因此，如果我們有其他 - 在需要其他專業知識的情況下，我們可能會與另一家技術公司建立合資企業，這正是我們與 Monetize 的合資企業的情況。

So they're another capability that we blend with ours in order to provide a more turnkey solution mobile payment platform for our clients.

因此，它們是我們與我們融合的另一種能力，以便為我們的客戶提供更全面的解決方案移動支付平台。

So hopefully that addresses your question.

所以希望這能解決你的問題。

Oh, I think, Bruce, you also mentioned the under $10 billion financial institutions in the carveup, and, look, as we have said consistently and we said prior to the law being passed, that's a very, very difficult thing to get to that requires a number of different entities to do things in order to achieve that end .

哦，我想，布魯斯，你還提到了在瓜分中價值低於 100 億美元的金融機構，並且，正如我們一直所說的那樣，我們在法律通過之前說過，這是一件非常非常困難的事情需要許多不同的實體來做事才能達到那個目的。

Having said that, it's the law, and if it continues to be the law -- and I have no reason to expect that it won't -- then we will do our darnedest to make sure that we adhere to the law.

話雖如此，這是法律，如果它繼續成為法律——我沒有理由期望它不會——那麼我們將盡最大努力確保我們遵守法律。

And as it relates to how that can be done, I can't give you -- I can't give -- Visa cannot give you the blueprint to do it without the cooperation of

由於涉及到如何做到這一點，我不能給你——我不能給——Visa 不能給你藍圖，如果沒有

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。

A few weeks ago you launched your first debit product in Canada and it appears you can only do lim -- it's limited to certain transactions, like online and over the phone and so forth.

幾週前，您在加拿大推出了您的第一個借記產品，但您似乎只能做 lim - 它僅限於某些交易，如在線和電話等。

Can you just update us on the opportunity that you see for that market and when you feel that you might be able to do all types of transactions, including the face-to-face point of sale?

您能否向我們介紹您在該市場看到的機會，以及您認為您可能能夠進行所有類型的交易，包括面對面的銷售點？

Thanks.

謝謝。

Some of the rules put forward by the competition committee in Canada make doing a full-blown debit product somewhat problematic, and so I don't know exactly when or if we'll get to an ultimate end state.

加拿大競爭委員會提出的一些規則使得做一個成熟的借記產品有些問題，所以我不知道我們何時或是否會達到最終的最終狀態。

I think we have to see how things unfold in Canada, but we remain excited about rolling out a debit product a couple of weeks ago, and we think that there's a place in the market for the product.

我認為我們必須看看加拿大的情況如何，但我們仍然對幾週前推出借記卡產品感到興奮，我們認為該產品在市場上佔有一席之地。

And we have been very encouraged by what's happened since we introduced it, and the activity lists some institutions that aren't currently part of the process, but are now looking forward to joining in.

自從我們推出以來，我們對所發生的事情感到非常鼓舞，該活動列出了一些目前不屬於該流程但現在期待加入的機構。

So we'll see.

所以我們拭目以待。

The next question comes from Julio Quinteros, Goldman Sachs.

下一個問題來自高盛的 Julio Quinteros。

Your line is open.

你的線路是開放的。

Great.

偉大的。

Hey, guys, just real quickly, on the contract renewals that you guys have signed through fiscal 2013, what is the specifics around financial reform coming through in regards to that?

嘿，伙計們，很快，關於你們在 2013 財年簽署的續約合同，關於金融改革的具體細節是什麼？

So in other words, once you guys see the final ruling, can those contracts be renewed, can they be forced open, would you guys be forced to do anything that isn't already built into the contract?

那麼換句話說，一旦你們看到最終裁決，這些合同是否可以續簽，是否可以強制開放，你們是否會被迫做任何尚未納入合同的事情？

How do you have that structured would be helpful?

你有什麼結構會有幫助？

All of our contracts are with individual financial institutions.

我們所有的合同都與個別金融機構簽訂。

They all have different nuances, none of which am I going to publicly discuss since they are confidential.

它們都有不同的細微差別，由於它們是機密的，因此我不會公開討論。

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。

Hi, good evening.

嗨，晚上好。

Joe, there's been a little bit of talk in Washington about maybe efforts to tweak Durbin or even put a push for a longer implementation time period.

喬，華盛頓有一些談論可能會努力調整德賓，甚至推動更長的實施時間。

Do you think that's a possible scenario?

你認為這是一種可能的情況嗎？

And then also just wanted to get your sense and your comfort on the non-US regulatory environment?

然後還只是想了解非美國監管環境並讓您感到舒適？

Well, in an answer to your first question, that conversation does exist and from our point of view we'll do whatever we can to make the ultimate outcome as palatable to us as we possibly can.

好吧，在回答您的第一個問題時，這種對話確實存在，從我們的角度來看，我們將盡我們所能，使最終結果盡可能讓我們滿意。

So I wouldn't count on anything happening; but there is conversation, there is possibilities, and we pursue those possibilities.

所以我不會指望發生任何事情。但是有對話，有可能性，我們追求這些可能性。

As it relates to regulation outside the United States, we mentioned in the talking points today that we've made a considerable amount of progress, particularly in those countries that we're most interested in doing business in, and I think that the news on that front is generally pretty good news.

由於它與美國以外的監管有關，我們在今天的談話要點中提到，我們已經取得了相當大的進展，特別是在我們最有興趣開展業務的那些國家，我認為關於那條戰線通常是個好消息。

I'm talking about Russia, I'm talking about Brazil, even to some extent China, where our business is -- I think it's -- we have the largest -- almost the largest revenue increase for any country out the United States is China, or we did this year, and the business continues to be robust there.

我說的是俄羅斯，我說的是巴西，甚至在某種程度上是中國，我們的業務在哪裡——我認為它是——我們擁有最大——幾乎是美國以外任何國家的最大收入增長中國，或者我們今年做了，那裡的業務繼續強勁。

So I don't see -- I see this being a continuing situation.

所以我看不到 - 我認為這是一個持續的情況。

I don't think that government interest or government regulation is necessarily going to go away anywhere in the world, but from our point of view we are learning to adapt and use our technology to everyone's benefit and so far it's working quite well.

我認為政府利益或政府監管不一定會在世界任何地方消失，但從我們的角度來看，我們正在學習適應和使用我們的技術來造福所有人，並且到目前為止它運作良好。

The next question comes from Drew Dampier, the Meredith Whitney Advisory Group.

下一個問題來自 Meredith Whitney 諮詢小組的 Drew Dampier。

Your line is open.

你的線路是開放的。

Hey, guys, thanks for taking my question.

嘿，伙計們，謝謝你提出我的問題。

Byron, I believe about a month ago at the Barclays conference you gave guidance and how much (inaudible) contributes to your overall revenue, you said it about 16%.

拜倫，我相信大約一個月前在巴克萊會議上，您提供了指導以及（聽不清）對您的整體收入有多少貢獻，您說大約 16%。

I know Max Card had said it was about 15% of their revenues.

我知道 Max Card 說過這大約是他們收入的 15%。

I know you can't really comment directly on their pricing, but can you just help me understand why those ratios could be so similar given your transaction mix?

我知道你不能真正直接評論他們的定價，但你能幫我理解為什麼考慮到你的交易組合，這些比率會如此相似嗎？

I just would have thought yours would be a bit higher.

我只是以為你的會高一點。

Thanks.

謝謝。

So let me correct that.

所以讓我糾正一下。

If you -- what we tried to do is narrow the debt revenue that we thought would be potentially impacted by Durbin, and that's a little over 20% of our total global revenue, so a little over 20%.

如果你——我們試圖做的是縮小我們認為可能會受到德賓影響的債務收入，這只是我們全球總收入的 20% 多一點，所以略多於 20%。

We actually have more revenue in debit than that, but we don -- but the increment above that level we don't see that as being impacted by the Durbin legislation.

我們實際上有更多的借方收入，但我們沒有 - 但高於該水平的增量我們認為不受德賓立法的影響。

So it's a little over 20% and then within that we had a breakdown between pin and signature, but think the key thing here relative to the statistic you had was -- it's a little over 20% that would -- of domestic US debit revenue that could potentially be impacted by Durbin.

因此，它略高於 20%，然後在其中我們對 pin 和簽名進行了細分，但認為與您所擁有的統計數據相關的關鍵是 - 略高於 20% - 美國國內借記卡收入這可能會受到德賓的影響。

The next question comes from Glenn Greene, Oppenheimer.

下一個問題來自奧本海默的格倫格林。

Your line is open.

你的線路是開放的。

Thank you, good afternoon.

謝謝，下午好。

Just the first question might be pricing benefits that might be embedded in the 11% to 15% -- net revenue growth guidance.

第一個問題可能是可能包含在 11% 到 15% 中的定價優勢——淨收入增長指導。

Are there any specific call-outs other than the assessment fee increase that I think I heard was going to be going into effect in the first quarter?

除了我認為我聽說將在第一季度生效的評估費增加之外，是否還有任何具體的呼籲？

So on the pricing let me restate our longer-term perspective, which is one to two percentage points.

因此，在定價方面，讓我重申我們的長期觀點，即一到兩個百分點。

In the guidance that we gave specifically -- the revenue guidance that we gave specifically for fiscal-year 2011 we have not assumed any pricing lift that that revenue guidance.

在我們專門提供的指導中——我們專門為 2011 財年提供的收入指導中，我們沒有假設該收入指導有任何定價提升。

If we do have any pricing realized than it would be an upside to the projection.

如果我們確實實現了任何定價，那麼這將是預測的上行空間。

The next question comes from SanJay Sakhrani with 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, good evening.

謝謝，晚上好。

Just had a quick question on the card service fee revenue line.

剛剛對卡服務費收入線提出了一個簡短的問題。

One of the metrics I look at is just card service fees relative to payments volume, and that margin has contracted quite a bit year over year, and I was just wondering how we should think about it going forward, understanding that I think the pricing change acts that line, as well?

我看到的一個指標只是相對於支付量的卡服務費，而且利潤率逐年收縮了很多，我只是想知道我們應該如何看待它，理解我認為定價發生了變化也行動那條線？

Thank you.

謝謝你。

On card service fees -- give me one moment here -- so if we were to look at what occurred in the fourth quarter the pricing, as you bridge from Q3 to Q4, some of that is due to the contract renewals multiple that we had during the, and then we have a mix issue here.

關於信用卡服務費——請給我一點時間——所以如果我們看一下第四季度發生的定價，當你從第三季度過渡到第四季度時，其中一些是由於我們擁有的合同續訂倍數期間，然後我們在這裡有一個混合問題。

It's not really an issue, it's just a phenomena.

這不是一個真正的問題，它只是一個現象。

We have -- outside the United States we are experiencing faster growth in geographies that do not have as high a service fee yield and so the combination of a shift in the geographic origin of where the revenue -- the payment volume is coming from relative to the service fee yield and the impact in the fourth quarter of contract renewals together explains most of the shift

我們在美國以外的地區經歷了更快的增長，這些地區的服務費收益不那麼高，因此收入的地理來源發生了變化，支付量來自相對於服務費收益和第四季度合同續籤的影響共同解釋了大部分轉變

The next question comes from David Hochstim, Buckingham Research Group.

下一個問題來自白金漢研究小組的 David Hochstim。

Your line is open.

你的線路是開放的。

Yes, hi.

是的，你好。

I wonder if you could just talk about the personnel expense of what we might expect in 2011.

我想知道你是否可以談談我們在 2011 年可能預期的人事費用。

Is there a lot of hiring yet to do outside the US?

在美國以外還有很多招聘工作要做嗎？

Should we expect the same kind of seasonality next year in that number?

我們是否應該期待明年在這個數字中出現同樣的季節性？

Yes.

是的。

So in personnel I think -- first of all, the principal driver of personnel expense for next year will be the fact that fiscal=year 2010 had only two months of CyberSource.

所以我認為在人事方面——首先，明年人事費用的主要驅動因素將是 2010 財年只有兩個月的 CyberSource。

With the addition, as we move into 2011, we're obviously going have ten months of comparables for which there was no CyberSource.

此外，隨著我們進入 2011 年，我們顯然將有十個月沒有 CyberSource 的可比對象。

In addition, I'd be cautious about projecting personnel expense off the fourth quarter, because the fourth quarter of the year is always subject to an above-average number of accruals, and so the way that we tried to be helpful here was to give you an operating margin based on the entire revenue for the year, and to give you some guidance on where we thought marketing would come in.

此外，我對預測第四季度的人員費用持謹慎態度，因為今年第四季度的應計項目總是高於平均水平，所以我們在這裡試圖提供幫助的方式是您可以根據當年的全部收入計算營業利潤率，並為您提供一些關於我們認為營銷將進入何處的指導。

With regards to hiring, we do expect to be hiring next year and a disproportionate amount of that hiring to be outside the United States, as we focus aggressively on growing our revenue and developing our markets outside of the US.

在招聘方面，我們確實預計明年會進行招聘，其中不成比例的招聘將在美國以外進行，因為我們積極專注於增加收入並開髮美國以外的市場。

There's a significant component of getting that done that requires boots on the ground, and we're committed to put -- to committing -- we're committed to getting those boots in the countries where the opportunity is significant.

完成這項工作的一個重要組成部分需要腳踏實地，我們致力於投入 - 承諾 - 我們致力於在機會巨大的國家推出這些靴子。

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。

Got the one in, lots of pressure.

進了一個，壓力很大。

I wanted to ask about mobile payments.

我想問一下移動支付。

Joe, your commentary about mobile payments had some notable enthusiasm in your voice, I was wondering without getting into the details of the financial structures in mobile payments, is Visa a better off or worse off in a world with high mobile payments penetration?

喬，你對移動支付的評論在你的聲音中有一些明顯的熱情，我想知道在沒有深入了解移動支付財務結構的細節的情況下，在移動支付普及率高的世界裡，Visa 是更好還是更糟？

That is a good last question and I would have to tell you that everything that we've done and the money that we've invested into mobile payments would suggest to me that we're better off with it, not worse off.

這是一個很好的最後一個問題，我不得不告訴你，我們所做的一切以及我們投資於移動支付的資金都會向我表明，使用它會更好，而不是更糟。

And I think that the other part of the answer is better or worse, it's occurring, it's going to happen.

我認為答案的另一部分是好是壞，它正在發生，它將發生。

And here are -- I mean, it's incredible the number of people in the world that own a cell phone, and I don't -- and the usages is mind blowing.

這裡是——我的意思是，世界上擁有手機的人數令人難以置信，而我沒有——而且用途令人震驚。

And so I think that it's something that you have to be involved in, and what I'm particularly excited about is where we are in terms of putting the infrastructure together that works with our Visa infrastructure We aren't starting out by saying, oh, why don't you slap a sticker on a cell phone and swipe it.

所以我認為這是你必須參與的事情，我特別興奮的是我們在將基礎設施與我們的 Visa 基礎設施結合在一起方面所處的位置我們並不是一開始就說，哦，不如在手機上貼個貼紙然後刷一下。

We have an integrated mobile network that we've been working on for a number of years, and so -- and the Monetize entity that we bought that helps connect the mobile technology to the banking systems.

我們有一個集成的移動網絡，我們多年來一直在努力，等等——以及我們購買的 Monetize 實體，它有助於將移動技術連接到銀行系統。

I think we're just in a terrific position, and I think it is both offensive in terms of having the ability to increase our volume and defensive in that it is -- with what we have I don't think we (inaudible).

我認為我們正處於一個非常好的位置，我認為它在增加我們的數量和防守方面都是進攻性的，因為它是——我認為我們沒有（聽不清）。

So I hope that answers your question.

所以我希望這能回答你的問題。

And thank you everybody for attending the call.

感謝大家參加電話會議。

Thank you all very much.

非常感謝大家。

If anybody has any follow up please feel free to call myself or Victoria.

如果有人有任何跟進，請隨時打電話給我自己或維多利亞。

Thank --

感謝 -

And go Giants.

去巨人隊。

And go Giants.

去巨人隊。

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。