Visa Inc (V) 2011 Q1 法說會逐字稿

Welcome to Visa Inc.'s fiscal first-quarter 2011 earnings conference call.

歡迎參加 Visa Inc. 的 2011 財年第一季度財報電話會議。

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

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

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

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr.

我現在想把會議交給你的主持人，先生。

Jack Carsky, Head of Global Investor Relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Good afternoon, and welcome to Visa Inc.'s fiscal 2011 first-quarter earnings conference call.

下午好，歡迎參加 Visa Inc. 的 2011 財年第一季度財報電話會議。

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

該電話會議目前正在互聯網上進行網絡直播，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。

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 those factors is available in our last 10-K, and the 10-Q and 8-K filings we filed with the SEC today.

有關這些因素的更多信息可在我們最近的 10-K 以及我們今天向 SEC 提交的 10-Q 和 8-K 文件中獲得。

They can be accessed through its website and the investor relations section of our website.

可以通過其網站和我們網站的投資者關係部分訪問它們。

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

對於在本次電話會議上披露的歷史非公認會計原則或備考相關財務信息，美國證券交易委員會 G 條例要求的相關公認會計原則措施和其他信息可在我們的第一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.

謝謝，傑克。

And as always, thanks to all of you for joining us today.

一如既往，感謝大家今天加入我們。

Visa began fiscal 2011 with another very strong quarter, delivering net operating revenues of over $2.2 billion, a 14% increase over last year.

Visa 在 2011 財年開始時又是一個非常強勁的季度，淨營業收入超過 22 億美元，比去年增長 14%。

As has been the case for several quarters now, these revenue gains were driven by double-digit growth in payments volume, cross-border volume, and Visa process transaction from across the globe.

與現在幾個季度的情況一樣，這些收入增長是由全球支付量、跨境量和 Visa 處理交易的兩位數增長推動的。

Net income for the quarter was $884 million, a 16% increase over the prior year.

本季度淨收入為 8.84 億美元，比上年增長 16%。

This equates to diluted earnings per share of $1.23, a 20% increase over the first quarter of 2010.

這相當於攤薄後每股收益為 1.23 美元，比 2010 年第一季度增長 20%。

As previously reported, early in October we funded the litigation escrow by an additional $800 million, which has the same effect as a share repurchase.

正如之前報導的那樣，10 月初，我們為訴訟託管額外提供了 8 億美元的資金，這與股票回購具有相同的效果。

Later that month, our Board authorized a $1 billion repurchase program, which we actively executed upon during the first quarter by buying over $300 million worth of shares.

當月晚些時候，我們的董事會批准了一項 10 億美元的回購計劃，我們在第一季度通過購買價值超過 3 億美元的股票積極執行了該計劃。

So, we are off to a good start in terms of returning excess cash to our shareholders.

因此，在向股東返還多餘現金方面，我們有了一個良好的開端。

Byron will provide additional detail on the repurchase.

拜倫將提供有關回購的更多細節。

Nearly one year ago at Visa's inaugural investor day, we laid out our long-term strategy that would drive continued revenue growth.

大約一年前，在 Visa 的首屆投資者日，我們制定了將推動收入持續增長的長期戰略。

The key to this strategy is maintaining a dual focus on growing usage of our core products, which drives the majority of our revenue today, while simultaneously advancing an aggressive innovation agenda to accelerate long-term growth through new platforms and channels.

這一戰略的關鍵是保持雙重關注增加我們核心產品的使用，這推動了我們今天的大部分收入，同時推進積極的創新議程，通過新平台和渠道加速長期增長。

During that same event, we also made a commitment to further diversify our business, including a long-term goal of ensuring our revenues more fully reflect Visa's global presence.

在同一活動中，我們還承諾進一步多元化我們的業務，包括確保我們的收入更充分地反映 Visa 的全球影響力的長期目標。

We continue to make steady progress on achieving our aspiration of having more than 50% of revenue come from outside the United States by 2015.

我們將繼續穩步推進，以實現到 2015 年超過 50% 的收入來自美國以外的目標。

Consistent with that objective, in this quarter just over 60% of total revenue growth came from rest of world.

與該目標一致，本季度總收入增長的 60% 以上來自世界其他地區。

VisaNet is the key asset that enables Visa to deliver on these innovation and revenue diversity commitments.

VisaNet 是使 Visa 能夠兌現這些創新和收入多元化承諾的關鍵資產。

As we invest in long-term growth initiatives, we will maintain the unmatched scale, reliability, security, and convenience that we deliver today.

當我們投資於長期增長計劃時，我們將保持我們今天提供的無與倫比的規模、可靠性、安全性和便利性。

Our competitive advantages in this regard are significant.

我們在這方面的競爭優勢是顯著的。

VisaNet's processing infrastructure is unparalleled in its capabilities, enabling us to deploy those assets and drive more volume and more value to networks and its participants.

VisaNet 的處理基礎設施的能力無與倫比，使我們能夠部署這些資產並為網絡及其參與者帶來更多的容量和更多的價值。

Importantly, the flexibility of VisaNet allows us to lead the evolution of our industry towards payment into new technologies and form factors that will spur the future growth of this industry.

重要的是，VisaNet 的靈活性使我們能夠引領我們的行業向支付新技術和形式因素的方向發展，這將刺激該行業的未來發展。

To illustrate that point, I'd like to provide you with our most recent updates on key initiatives.

為了說明這一點，我想向您提供我們對關鍵舉措的最新更新。

First, look at e-commerce and money transfer, two critical channels to driving usage of our products.

首先，看看電子商務和匯款，這是推動我們產品使用的兩個關鍵渠道。

Growing our e-commerce business remains a top priority for Visa and will be an area of increased emphasis in fiscal 2011.

發展我們的電子商務業務仍然是 Visa 的首要任務，並將成為 2011 財年更加重視的領域。

Our investments in this category to date are yielding results, as we saw 25% year-over-year growth in e-commerce payments volume globally in Q1.

迄今為止，我們在這一類別的投資正在取得成果，因為我們看到第一季度全球電子商務支付量同比增長 25%。

CyberSource enables us to accelerate growth of the e-commerce category overall by extending Visa's capability to deliver innovation to merchants, consumers, and partners with services such as fraud management and payment security management.

CyberSource 使我們能夠通過擴展 Visa 的能力，通過欺詐管理和支付安全管理等服務向商家、消費者和合作夥伴提供創新，從而加速整個電子商務類別的增長。

CyberSource got off to a great start in 2011, delivering 40% year-over-year growth in billable transactions in the first quarter.

CyberSource 在 2011 年開局良好，第一季度的可計費交易量同比增長 40%。

We have also made progress in driving future growth by continuing to expand merchant relationships with new wins such as Hertz and Tommy Hilfiger.

我們還通過繼續擴大與 Hertz 和 Tommy Hilfiger 等新客戶的商戶關係，在推動未來增長方面取得了進展。

We also signed up LAN Airlines, thanks to a lead from our Visa LAC team that demonstrates the synergies that exist for building the business through shared lead generation.

我們還與 LAN Airlines 簽約，這要感謝 Visa LAC 團隊的領導，該團隊展示了通過共享潛在客戶開發建立業務的協同效應。

We've also begun making targeted investments to expand CyberSource's international footprint, including adding personnel to our existing office in Singapore, establishing a legal entity in Brazil, and assessing the landscape in our CEMEA region.

我們還開始進行有針對性的投資以擴大 CyberSource 的國際影響力，包括為我們在新加坡的現有辦事處增加人員、在巴西建立法人實體以及評估我們的 CEMEA 地區的格局。

While the international buildout will take time, we are excited about the opportunities for growth.

雖然國際擴張需要時間，但我們對增長機會感到興奮。

Money transfer is an example of our commitment to leading the evolution in payments, giving consumers a new channel to use their credit, debit, and prepaid products.

匯款是我們致力於引領支付發展的一個例子，為消費者提供使用信用卡、借記卡和預付產品的新渠道。

In fact, today I'm pleased to announce substantial progress on that front.

事實上，今天我很高興地宣佈在這方面取得了實質性進展。

We have expanded our partnership with MoneyGram to introduce the first cash to Visa account program for remittances from the United States to Mexico, which, according to the World Bank, is the largest remittances corridor in the world.

我們擴大了與 MoneyGram 的合作夥伴關係，推出首個現金到 Visa 賬戶計劃，用於從美國匯款到墨西哥，據世界銀行稱，墨西哥是世界上最大的匯款通道。

Utilizing the strength of our global network, this program allows consumers in the U.S.

利用我們全球網絡的優勢，該計劃允許美國的消費者

to visit any of the 35,000 MoneyGram locations to send funds directly to any Visa credit, debit, or prepaid account in Mexico in a fast, secure, reliable, and cost-effective way.

訪問 35,000 個 MoneyGram 網點中的任何一個，以快速、安全、可靠且經濟高效的方式將資金直接發送到墨西哥的任何 Visa 信用卡、借記卡或預付賬戶。

Money transfer holds significant potential for our business, both in the U.S.

匯款對我們在美國的業務具有巨大潛力。

and globally.

並在全球範圍內。

In addition to our strong partnership with MoneyGram, we are currently engaged with other leaders in the field to pursue additional opportunities.

除了與 MoneyGram 建立牢固的合作夥伴關係外，我們目前還與該領域的其他領導者合作以尋求更多機會。

As a leader in product innovation, prepaid is an area where we will continue to invest and foster global growth.

作為產品創新的領導者，預付費是我們將繼續投資並促進全球增長的領域。

In the U.S., our efforts to support issuers of major government prepaid programs continue.

在美國，我們繼續努力支持主要政府預付計劃的發行人。

With the Bank of America, we recently launched a significant prepaid disbursement card program for the State of California Employment Development Department.

我們最近與美國銀行合作，為加利福尼亞州就業發展部推出了一項重要的預付支付卡計劃。

Additionally, the state of New York recently announced the launch of a Visa prepaid pilot program with Chase Bank that will streamline how payments are made to parents receiving adoption subsidies.

此外，紐約州最近宣布與大通銀行啟動 Visa 預付試點計劃，該計劃將簡化向接受收養補貼的父母付款的方式。

Adoptive parents now have the option to receive those funds through a Visa-branded prepaid card issued by Chase, instead of receiving their funds by check.

收養父母現在可以選擇通過 Chase 發行的 Visa 品牌預付卡接收這些資金，而不是通過支票接收資金。

More and more, we see prepaid making a case for itself in every pocket of the globe, and particularly in emerging markets.

我們越來越多地看到預付費在全球每個角落都為自己辯護，尤其是在新興市場。

This is true from Botswana and Georgia, two countries that recently partnered with Visa to introduce their first prepaid product solutions, to India and Pakistan, which are further along the payments development curve.

博茨瓦納和格魯吉亞就是如此，這兩個國家最近與 Visa 合作推出了他們的第一個預付費產品解決方案，印度和巴基斯坦在支付發展曲線上走得更遠。

In India, Visa developed a payment solution for the Unique Identification Authority of India to support that country's massive national program to issue unique identification numbers to local residents.

在印度，Visa 為印度唯一身份驗證機構開發了一種支付解決方案，以支持該國為當地居民頒發唯一身份識別號碼的大規模國家計劃。

This program has the benefits of deepening our relationship with the State Bank of India, potentially growing the number of transactions on Visa's network, and advancing our goal of financial inclusion for underbanked individuals worldwide.

該計劃的好處是加深了我們與印度國家銀行的關係，潛在地增加了 Visa 網絡上的交易數量，並推動了我們為全球銀行服務不足的個人實現金融包容性的目標。

And in Pakistan, we are gratified to see the progress that has been made since we joined the government of Pakistan and United Bank Ltd., Bank Alfalah, and Habib Bank Limited to launch a national aid disbursement card program after last summer's floods.

在巴基斯坦，我們很高興看到自從我們與巴基斯坦政府和聯合銀行有限公司、Alfalah 銀行和 Habib 銀行有限公司一起在去年夏天的洪水後啟動國家援助支付卡計劃以來所取得的進展。

More than 1.4 million cards have been issued, delivering $317 million in humanitarian aid, one of the fastest rollouts of a disbursement program of this kind.

已經發行了超過 140 萬張卡片，提供了 3.17 億美元的人道主義援助，這是此類支付計劃中最快的推出之一。

All of us who have been reading the news have seen a clear buildup of excitement and attention around mobile payments, and we absolutely agree.

我們所有一直在閱讀新聞的人都看到圍繞移動支付的興奮和關註明顯增加，我們完全同意。

The convergence of payments with mobile devices is a significant development in the evolution of digital currency and a top priority for Visa.

支付與移動設備的融合是數字貨幣發展的重大發展，也是 Visa 的首要任務。

Visa's presence in mobile payments is already well established worldwide with 25 payment programs in 19 countries worldwide.

Visa 在移動支付領域的業務已經在全球範圍內建立起來，在全球 19 個國家/地區擁有 25 個支付項目。

We expect international markets will continue to be amongst the fastest adopters of this innovative payments technology.

我們預計國際市場將繼續成為最快採用這種創新支付技術的市場之一。

That said, we announced the commercial availability of mobile contactless payments in the United States and in other select markets.

也就是說，我們宣布了移動非接觸式支付在美國和其他特定市場的商業可用性。

Last quarter, I said that we were standing on the threshold, and now, for the first time in Visa's history, a mobile contactless payment solution is officially included in the list of Visa-compliant products available for use by our client financial institutions.

上個季度，我說過我們正站在門檻上，現在，在 Visa 的歷史上，移動非接觸式支付解決方案正式被正式列入可供我們客戶金融機構使用的符合 Visa 標準的產品列表中。

Wells Fargo has joined Bank of America, JPMorgan Chase, and US Bank in piloting the technology with their customers.

富國銀行已與美國銀行、摩根大通和美國銀行一起與客戶一起試用該技術。

The solution works with existing contactless payment terminals installed at retail outlets worldwide, enabling Visa account holders to simply hold up their phone to pay for purchases.

該解決方案可與安裝在全球零售店的現有非接觸式支付終端配合使用，使 Visa 賬戶持有人只需拿起手機即可支付購買費用。

We recognize that the U.S.

我們承認美國

market is complex and will require an inclusive approach that addresses the specific needs of all stakeholders.

市場是複雜的，需要一種包容性的方法來滿足所有利益相關者的具體需求。

However, I believe Visa's network and payment expertise offers significant competitive advantage over new entrants, and I'm confident that we will play a key role in the evolution of mobile payments in the U.S.

然而，我相信 Visa 的網絡和支付專業知識比新進入者提供了顯著的競爭優勢，我相信我們將在美國移動支付的發展中發揮關鍵作用。

Visa's presence in the mobile channel also offers opportunity to build deeper relationships with existing customers, as well as connect new participants with Visa through value-added products and services.

Visa 在移動渠道的存在也提供了與現有客戶建立更深層次關係以及通過增值產品和服務將新參與者與 Visa 聯繫起來的機會。

An example is our recent launch of the Visa mobile iPhone application, now available as a free download from the iTunes app store.

一個例子是我們最近推出的 Visa 移動 iPhone 應用程序，現在可以從 iTunes 應用程序商店免費下載。

The application delivers customized discounts and is tailored to consumers' preferences and physical location, which enables merchants to reach consumers in a targeted way and gives consumers access to exclusive deals not available to other shoppers.

該應用程序提供定制的折扣，並根據消費者的偏好和實際位置量身定制，使商家能夠以有針對性的方式接觸消費者，並使消費者能夠獲得其他購物者無法獲得的獨家優惠。

Security is another area in which we are evolving and differentiating Visa through innovation.

安全是我們通過創新發展和區分 Visa 的另一個領域。

Just last month, we announced significant improvements to VisaNet security capabilities which will dramatically improve our ability to detect and prevent global electronic payments fraud.

就在上個月，我們宣布了對 VisaNet 安全功能的重大改進，這將顯著提高我們檢測和防止全球電子支付欺詐的能力。

By enhancing the underlying processing platform that powers Visa's advanced authorization offering, we are enabling our issuers to isolate fraudulent transactions from legitimate ones in real time.

通過增強支持 Visa 高級授權產品的底層處理平台，我們使我們的發卡機構能夠實時將欺詐交易與合法交易隔離開來。

Historical data tells us that this could help identify an incremental 29% of the global fraud annually.

歷史數據告訴我們，這有助於識別每年增加 29% 的全球欺詐行為。

Not only is this applicable domestically, but more importantly in cross-border applications where you have higher incidences of fraud and so have greater levels of denied authorizations.

這不僅適用於國內，更重要的是在跨境應用中，您的欺詐發生率較高，因此被拒絕授權的程度也較高。

Enhanced measures will allow for a greater number of transactions.

加強措施將允許更多的交易。

It's often easy to take our reliable, secure global processing capabilities for granted.

我們通常很容易將我們可靠、安全的全球處理能力視為理所當然。

But the reality is that as technology enables new payment platforms and competitors, our processing excellence will differentiate and advantage us competitively.

但現實情況是，隨著技術支持新的支付平台和競爭對手，我們卓越的處理能力將使我們在競爭中脫穎而出並獲得優勢。

So in that regard, I'm pleased to report that we had a flawless peak season of transactions processing, which means that we achieved 100% success in authorizing and settling all transactions between Thanksgiving and New Year's Day.

因此，在這方面，我很高興地向大家報告，我們在交易處理的旺季完美無瑕，這意味著我們在授權和結算感恩節和元旦之間的所有交易方面取得了 100% 的成功。

This marks the 18th year in a row that we've hit this mark.

這標誌著我們連續第 18 年達到這一目標。

That captures some of our most recent highlights, and there will be more to come.

這捕獲了我們最近的一些亮點，並且還會有更多亮點。

Overall, we believe that we are operating from a position of strength, fully utilizing our assets and points of differentiation.

總體而言，我們認為我們的運營處於優勢地位，充分利用了我們的資產和差異化點。

Our competitive advantages are significant and will continue to enable us to deliver the payment and commerce solutions that consumers and merchants want.

我們的競爭優勢非常顯著，並將繼續使我們能夠提供消費者和商家想要的支付和商務解決方案。

Finally, I'd like to close with our thoughts about the recent legislative developments in the United States.

最後，我想談談我們對美國最近立法發展的看法。

With respect to the Federal Reserve's initial recommendations related to the debit provision of the Dodd-Frank Act, we believe the government is engaging in price fixing to the benefit of virtually no one.

關於美聯儲關於《多德-弗蘭克法案》借方條款的初步建議，我們認為政府正在進行價格操縱，幾乎沒有任何人受益。

The debit price control legislation is bad policy, and requires thorough review and revision before potential implementation.

借方價格管制立法是一項糟糕的政策，需要在可能實施之前進行徹底的審查和修訂。

To that end, we're working with the entire industry to help the 112th Congress and the Federal Reserve better understand how the provisions create significant unintended consequences that will harm consumers, the economy, and financial institutions of all sizes, even if those institutions were supposedly exempt from the regulation.

為此，我們正在與整個行業合作，幫助第 112 屆國會和美聯儲更好地了解這些規定如何產生重大的意外後果，這些後果將損害各種規模的消費者、經濟和金融機構，即使這些機構是據說可以免於監管。

Because of these threats, particularly the harm to consumers, we believe Congress should re-examine the Durbin provisions and delay implementation to more carefully consider the complexities and unintended consequences of the provisions.

由於這些威脅，特別是對消費者的傷害，我們認為國會應該重新審查德賓條款並推遲實施，以更仔細地考慮這些條款的複雜性和意外後果。

Joint federal agencies should also provide an objective assessment of the impacts and present their findings to Congress for review and debate.

聯合聯邦機構還應提供對影響的客觀評估，並將其調查結果提交國會審查和辯論。

We are encouraged by the increasing number of voices speaking up about the unintended consequences of this legislation, most notably the authors of the financial reform, Representative Frank and former Senator Dodd.

我們對越來越多的聲音談論這項立法的意外後果感到鼓舞，其中最引人注目的是金融改革的發起人弗蘭克眾議員和前參議員多德。

We believe it is noteworthy that Representative Frank has indicated a willingness to work with those who are similarly concerned and amend the debit provisions to allow financial institutions to recover full costs associated with running a reliable and secure debit network.

我們認為值得注意的是，弗蘭克代表表示願意與同樣關注的人合作並修改借記條款，以使金融機構能夠收回與運行可靠和安全的借記網絡相關的全部成本。

I've never seen the industry, including banks of all sizes, this engaged and coalesced around working together to improve the outcome.

我從未見過這個行業，包括各種規模的銀行，如此參與並聯合起來共同努力以改善結果。

We and others in the industry are looking forward to participating in Representative Baucus's proposed hearing on this legislation, currently planned for mid-February.

我們和業內其他人都期待著參加目前計劃在 2 月中旬舉行的 Baucus 議員提議的關於這項立法的聽證會。

As we have seen, the more this issue is debated, the more questions are raised about who will really benefit in the end.

正如我們所看到的，這個問題討論得越多，關於最終誰將真正受益的問題就越多。

While we don't know yet the final rules, Visa is working aggressively to protect the interests of consumers and our clients, and will support the industry's activities to shape the legislation that impacts community banks, credit unions, and larger banks alike.

雖然我們還不知道最終規則，但 Visa 正在積極努力保護消費者和我們客戶的利益，並將支持該行業的活動，以製定影響社區銀行、信用合作社和大型銀行等的立法。

But no matter the ultimate outcome, I want to say to you that we remain confident in our ability to deliver strong revenue and earnings growth over the long term.

但無論最終結果如何，我想對你們說，我們對實現長期強勁收入和盈利增長的能力仍然充滿信心。

We have developed a priority set of business strategies and are ready to deploy them when the law is finalized, allowing us to utilize our people and our assets to drive us successfully towards our goals.

我們已經制定了一套優先業務戰略，並準備在法律最終確定時部署它們，使我們能夠利用我們的人員和資產來推動我們成功實現目標。

As you can appreciate, I think it's inappropriate to elaborate further on these strategies at this time for a host of reasons.

正如您所理解的，我認為出於多種原因，此時進一步詳細說明這些策略是不合適的。

And now, over to Byron.

現在，交給拜倫。

Thank you, Joe.

謝謝你，喬。

I'll begin with some overall observations.

我將從一些總體觀察開始。

Our business results reflect continued positive economic momentum, which remains global in scope.

我們的業務業績反映了持續的積極經濟勢頭，這種勢頭在全球範圍內仍然存在。

We saw solid worldwide growth, driven by increases in cross-border travel, and healthy gains in both credit and debit payment volumes.

在跨境旅行的增長以及信用卡和借記卡支付量的健康增長的推動下，我們看到了全球穩健的增長。

Now let me quantify these trends.

現在讓我量化這些趨勢。

First, I will cover our global payment volume and transaction trends for both the September and December quarters, as well as payment and transaction results for the first four weeks of January.

首先，我將介紹我們 9 月和 12 月季度的全球支付量和交易趨勢，以及 1 月前 4 週的支付和交易結果。

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

在回顧了我們的收入驅動因素之後，我將介紹我們第一財季的財務亮點，然後是 2011 財年的指導更新。

Global payment volume growth for the September quarter in constant dollars was 14%, and improved slightly in the December quarter to 15%.

9 月季度的全球支付量增長為 14%，12 月季度略有改善至 15%。

We saw the following breakdowns in December quarter figures.

我們在 12 月的季度數據中看到了以下細分。

In the U.S., payment volume growth was 12%, down slightly from 13% in the September quarter.

在美國，支付量增長 12%，略低於 9 月季度的 13%。

Rest of world payment volume on a constant dollar basis grew at 17%, up two percentage points from the 15% rate in the September quarter.

按固定美元計算，世界其他地區的支付量增長了 17%，比 9 月份季度的 15% 增長了兩個百分點。

More recently, through January 28, U.S.

最近，截至 1 月 28 日，美國

payment volume growth moderated to a positive 10%.

支付量增長放緩至正 10%。

Although not yet available, we expect rest of world payment volume growth to be significantly higher.

儘管尚未提供，但我們預計世界其他地區的支付量增長將顯著提高。

Global cross-border volumes delivered a healthy 15% growth rate on a constant-dollar basis in the December quarter, as the world continued to travel.

隨著世界繼續旅行，全球跨境交易量在 12 月季度按固定美元計算實現了 15% 的健康增長率。

And more recently, through January 28, cross-border volumes on a constant-dollar basis sustained momentum with a 16% rate of growth.

最近，截至 1 月 28 日，以固定美元計算的跨境交易量保持了 16% 的增長率。

Transactions processed over Visa's network totaled 12.6 billion in the fiscal first quarter, an increase of 15% over the similar period a year ago and just slightly behind the 16% growth rate we saw in the September quarter.

第一財季通過 Visa 網絡處理的交易總額為 126 億筆，比去年同期增長 15%，略低於我們在 9 月季度看到的 16% 的增長率。

Through January 28, process transactions stayed the course, posting growth of 14%.

到 1 月 28 日，流程交易保持不變，增長了 14%。

CyberSource billable transactions totaled 987 million for the quarter, a very strong 40% growth rate.

CyberSource 本季度的可計費交易總額為 9.87 億筆，增長率高達 40%。

We expect continued strength in this part of our business as e-commerce activity continues to grow, both in the United States 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。

Now, turning to the income statement.

現在，轉向損益表。

In our first fiscal quarter, gross revenues of $2.6 billion were up 13% from the similar period in 2010.

在我們的第一財季，總收入為 26 億美元，比 2010 年同期增長 13%。

Net operating revenues in the quarter were $2.2 billion, a 14% increase over the first quarter of 2010, driven by a sustained economic recovery, ongoing secular growth, and better than anticipated cross-border transactions.

本季度的淨營業收入為 22 億美元，比 2010 年第一季度增長 14%，這得益於經濟持續復甦、持續的長期增長以及好於預期的跨境交易。

Moving to the individual revenue line items, service revenue was just over $1 billion, up 22% over the prior-year period.

轉向單個收入項目，服務收入剛剛超過 10 億美元，比去年同期增長 22%。

This is reflective of strong payment volume growth in the quarter ending September and the impact of pricing adjustments.

這反映了截至 9 月的季度支付量的強勁增長以及定價調整的影響。

Data processing revenue was $844 million, up 10% over the prior-year's quarter, based on strong process transaction growth rates for both Visa process and CyberSource transactions.

基於 Visa 流程和 CyberSource 交易的強勁流程交易增長率，數據處理收入為 8.44 億美元，比去年同期增長 10%。

As expected and discussed previously, data processing revenue growth was moderated by the impact of key contract renewals last quarter and by the prospective removal of certain offsetting gateway pass-through revenues and expenses.

正如預期和之前討論的那樣，數據處理收入增長受到上個季度關鍵合同續籤的影響以及某些抵消性網關直通收入和費用的預期取消的影響。

International transaction revenues were up 14% to $630 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 14% 至 6.3 億美元。

Client incentives as a percent of gross revenues came in at 15%, a little lower than our guidance, but on track with expectations.

客戶激勵佔總收入的百分比為 15%，略低於我們的指導，但符合預期。

We still expect client incentives to be in the range of 16% to 16.5% for the entire year.

我們仍預計全年客戶激勵率將在 16% 至 16.5% 之間。

Total operating expenses for the quarter were $872 million, up 17% from the prior year, driven by the incremental expense from the acquisition of CyberSource, as well as the non-recurrence of a prior-year one-time benefit of $41 million, associated with the prepayment of the retailer's litigation.

本季度的總運營費用為 8.72 億美元，比上年增長 17%，這主要是由於收購 CyberSource 帶來的增量費用，以及上一年一次性收益 4100 萬美元的非經常性，相關與零售商訴訟的預付款。

Additionally, remember that we announced an earnings-neutral change in income statement presentation related to revenue and operating expense associated with certain pass-through activities.

此外，請記住，我們宣布了與某些轉嫁活動相關的收入和運營費用相關的損益表列報方式的收益中性變化。

As a result, $67 million of revenue and expenses, which were booked in Q1 fiscal-year 2010, will not recur in Q1 fiscal-year 2011.

因此，在 2010 財年第一季度入賬的 6700 萬美元的收入和支出在 2011 財年第一季度將不再發生。

In the first quarter, this represented four percentage points of revenue growth.

在第一季度，這代表了收入增長的四個百分點。

For the remainder of the year, these changes in presentation will continue to be earnings-neutral and will impact revenue growth.

在今年餘下的時間裡，這些列報方式的變化將繼續保持盈利中性，並將影響收入增長。

The foreign exchange impact on net revenue in the first fiscal quarter was moderated by our hedging activities and contributed a positive 1% increase, compared to the same year period.

第一財季外匯對淨收入的影響因我們的套期保值活動而有所緩和，與去年同期相比貢獻了 1% 的正增長。

While our operating margin for the quarter was 61%, please note that we expect to aggressively fund necessary long-term investments across our entire business.

雖然我們本季度的營業利潤率為 61%，但請注意，我們預計將積極為我們整個業務的必要長期投資提供資金。

One call-out on depreciation and amortization.

一項關於折舊和攤銷的通知。

While the CyberSource acquisition added $22 million of incremental depreciation and amortization expense to the quarter, as an offset, beginning this fiscal year, we no longer recognize the $17 million in quarterly amortization for the asset step-up that was applied when we first merged in 2007.

雖然收購 CyberSource 為本季度增加了 2200 萬美元的增量折舊和攤銷費用，作為抵消，但從本財年開始，我們不再確認在我們首次合併時應用的 1700 萬美元的季度攤銷資產增量2007 年。

This step-up became fully amortized at the end of September 2010.

這筆提款於 2010 年 9 月完全攤銷。

Capital expenditures were $75 million in the quarter, representing ongoing investment in technology, infrastructure, and growth initiatives.

本季度的資本支出為 7500 萬美元，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 first quarter in great shape with negligible debt, and cash, cash equivalents, restricted cash, and available for sale investments of $6.5 billion.

繼續看資產負債表，我們在第一季度結束時狀況良好，債務微不足道，現金、現金等價物、受限制的現金和可供出售的投資為 65 億美元。

Of this total, $2.7 billion is restricted cash, which represents amounts sufficient to fully pay out the balance of the American Express settlement over the remaining five quarterly payments, with $2.3 billion uncommitted as of the end of the first quarter.

其中，27 億美元是受限現金，足以支付美國運通剩餘五個季度付款的和解餘額，截至第一季度末有 23 億美元未承諾。

As Joe mentioned earlier, during the quarter we effectively repurchased approximately $1.1 billion of Class A shares at an average per-share price of $72.08.

正如喬之前提到的，在本季度，我們以每股 72.08 美元的平均價格有效地回購了大約 11 億美元的 A 類股票。

This resulted in the lowering of our outstanding share count by 15.3 million shares, taking us to 713 million on an as-converted basis at the end of the fiscal first quarter.

這導致我們的流通股數量減少了 1530 萬股，在第一財季末按轉換後的基礎上，我們達到了 7.13 億股。

Management remains committed to returning excess cash to shareholders.

管理層仍致力於將多餘的現金返還給股東。

Accordingly, we will continue to be active buyers of our shares in the future at prices that align with our long-term view of the value of our shares.

因此，我們將在未來繼續以符合我們對股票價值的長期看法的價格積極購買我們的股票。

At the end of this fiscal quarter, $694 million of open to buy still remains from the $1 billion authorization approved in October.

到本財季末，10 月份批准的 10 億美元授權仍有 6.94 億美元可供購買。

Last week, we announced the early release of all remaining locked-up Class C shares.

上週，我們宣布提前釋放所有剩餘的鎖定 C 類股票。

This means 55 million shares will become eligible for sale on February 7, 1.5 months ahead of the prescribed unlock date of March 25.

這意味著 5500 萬股股票將在 3 月 25 日規定的解鎖日期前 1.5 個月的 2 月 7 日有資格出售。

All Class C shares sold in the public market after this date will automatically convert to Class A shares.

在此日期之後在公開市場上出售的所有 C 類股票將自動轉換為 A 類股票。

As a reminder, the release does not increase our outstanding share count, nor is there any dilutive effect.

提醒一下，此次發布不會增加我們的流通股數量，也不會產生任何稀釋效應。

In order to broaden our participation in the Brazilian prepaid market, we recently announced the sale of our 10% stake in Visa Vale issuer CBSS to Banco do Brasil and Bradesco.

為了擴大我們在巴西預付市場的參與，我們最近宣布將我們在 Visa Vale 發行人 CBSS 的 10% 股份出售給巴西銀行和 Bradesco。

CBSS will continue to issue Visa Vale prepaid cards in Brazil.

CBSS 將繼續在巴西發行 Visa Vale 預付卡。

Visa's gross proceeds from the sale are $103 million.

Visa 此次出售的總收益為 1.03 億美元。

Upon regulatory approval, we will recognize an estimated pretax gain of approximately $85 million net of transaction costs and will record the event in investment income.

經監管部門批准後，我們將確認扣除交易成本後的估計稅前收益約為 8500 萬美元，並將該事件記錄在投資收益中。

The amount of the gain, net of tax, is estimated to be approximately $44 million.

扣除稅項後的收益金額估計約為 4400 萬美元。

As for our guidance for 2011, given results to date and little incremental clarity from the recent initial Fed rulemaking, we have no changes from our prior outlook.

至於我們對 2011 年的指導，鑑於迄今為止的結果以及近期美聯儲最初制定規則的清晰性，我們與之前的展望沒有任何變化。

As evidenced by our stock buyback, we remain optimistic about Visa's growth prospects over the long term.

正如我們的股票回購所證明的那樣，我們對 Visa 的長期增長前景保持樂觀。

Once the final rules have been promulgated by the Fed, we will be in a better position to share with you our views on the financial impact to Visa in 2012.

一旦美聯儲頒布最終規則，我們將能夠更好地與您分享我們對 2012 年 Visa 的財務影響的看法。

And with that, we are ready to take questions.

有了這個，我們準備回答問題。

(Operator Instructions).

（操作員說明）。

Tim Willi, Wells Fargo Securities.

富國銀行證券的蒂姆·威利。

I was wondering if you could just talk a little bit about money transfer, and how you sort of see your expansion plans not only geographically, but if you'd also shed any light on sort of the economics that are shared between you and future money transfer partners, how you think about that occurring as the business opportunity evolves?

我想知道你是否可以談談匯款，以及你如何看待你的擴張計劃，不僅是地理上的，而且你是否也能闡明你和未來資金之間共享的某種經濟學轉讓合作夥伴，您如何看待隨著商業機會的發展而發生的這種情況？

I think we mentioned pretty succinctly the arrangement we have with MoneyGram, and much of the revenue that we generate out of that comes through the transactional volume on our cards, both at the front and the back end of the transaction.

我認為我們非常簡潔地提到了我們與 MoneyGram 的安排，我們從中產生的大部分收入來自我們卡上的交易量，無論是在交易的前端還是後端。

Beyond that, money transfer is an integral part of our mobile strategy or our mobile technology strategy, both domestically and outside of the United States.

除此之外，匯款是我們在美國國內和國外的移動戰略或移動技術戰略的一個組成部分。

I think that money transfer takes on different forms, depending on what part of the world it occurs in.

我認為匯款有不同的形式，取決於它發生在世界的哪個地方。

The transactions or the cards that we provided in Pakistan are a good example of that -- a good example of how something (technical difficulty) might be manifest.

我們在巴基斯坦提供的交易或卡片就是一個很好的例子——一個很好的例子，說明某事（技術難度）可能如何體現。

Some of the things that we are beginning to think about doing in India also would embrace that notion.

我們開始考慮在印度做的一些事情也會接受這個概念。

As it relates to our financial arrangements between various different parties from a money transfer point of view, I think I'll decline to comment on that at this point in time.

從匯款的角度來看，這與我們在不同各方之間的財務安排有關，我想我現在拒絕對此發表評論。

But we are excited about the notion of money transfer and how it will fit into our revenue going forward.

但我們對匯款的概念以及它將如何融入我們未來的收入感到興奮。

Bob Napoli, Piper Jaffray & Co.

Bob Napoli, Piper Jaffray & Co.

Thank you.

謝謝你。

Good afternoon.

下午好。

Well-done upfront comments, Joe.

幹得好的前期評論，喬。

As far as your goals for 2015, over 50% of your revenue international, it looks to me like -- I mean, are you progressing faster than you thought?

至於您 2015 年的目標，超過 50% 的國際收入，在我看來——我的意思是，您的進展是否比您想像的要快？

It looks -- your revenue, your payments volume is down to 55%, now U.S.

看起來——你的收入，你的支付量下降到 55%，現在是美國。

actually down 200 basis points just quarter over quarter.

實際上僅比上一季度下降 200 個基點。

And it looks to me like you might get your payment volumes under 50% in the U.S.

在我看來，您在美國的付款量可能會低於 50%。

in maybe a year to a year and a half.

大概一年到一年半的時間。

So, are you progressing faster?

那麼，你進步得更快嗎？

What is the difference in the revenue yields on the U.S.

美國的收入收益率有什麼不同

and international?

和國際？

Well, there are differences in our yields around the world, depending on what business we're in and various different geographies.

嗯，我們在世界各地的產量存在差異，這取決於我們從事的業務和不同的地理位置。

Having said that, as it relates to your question, I think we have a goal out there.

話雖如此，因為它與您的問題有關，我認為我們有一個目標。

I think we're well on our way to meeting that goal.

我認為我們正在朝著實現這一目標邁進。

We might get it done a little bit faster.

我們可能會更快地完成它。

Remember, I've talked about country acceleration strategies, and we're doing much better in Brazil and Russia than we had thought we would be doing.

請記住，我已經談到了國家加速戰略，我們在巴西和俄羅斯的表現比我們想像的要好得多。

We think that the same thing will happen in Japan and we are looking at several other countries right now.

我們認為日本也會發生同樣的事情，我們現在正在研究其他幾個國家。

I can't bring that all together as succinctly as you might like and say, hey, we're going to have more than 50% of our revenue coming from outside the United States in two years or three years, but we are well on our way to getting to that point, and let me re-emphasize what I said in the comments, and that is that 60% of our growth in the past quarter came from -- revenue growth came from transactions outside the United States.

我不能像你想的那樣簡潔地把所有這些放在一起，然後說，嘿，我們將在兩年或三年內有超過 50% 的收入來自美國以外，但我們進展順利我們達到這一點的方式，讓我再次強調我在評論中所說的話，那就是我們在過去一個季度的增長中有 60% 來自 - 收入增長來自美國以外的交易。

Jason Kupferberg, UBS.

傑森庫普弗伯格，瑞銀。

Thanks, guys.

多謝你們。

Good afternoon.

下午好。

Joe, just wanted to pick up on some of the comments you made around what's going on in Washington, and just to get your sense if there is truly a genuine effort within Congress to pursue legislation that would actually change the language of the Durbin Amendment.

喬，只是想了解一下你對華盛頓正在發生的事情發表的一些評論，並且只是想了解一下國會是否真的在努力尋求真正改變德賓修正案語言的立法。

And absent that type of legislation, do you feel that the public-comment period and lobbying by various folks on the Hill would be enough to try and make the final version of the rules much less onerous on the industry than the initial proposals?

如果沒有這種類型的立法，您是否認為公眾意見徵詢期和國會議員的遊說足以讓最終版本的規則對行業而言比最初的提議更輕鬆？

Because it seems like the Fed came out December 16 and said, hey, it doesn't really matter whether or not we like the Durbin Amendment or whether it makes logical sense, they are simply charged with writing rules that implement the language and intent of the amendment and they kind of said, hey, our hands are tied.

因為美聯儲似乎在 12 月 16 日出來說，嘿，我們是否喜歡德賓修正案或它是否合乎邏輯並不重要，他們只是負責編寫實施規則的語言和意圖的規則。修正案，他們有點說，嘿，我們的手被束縛了。

So, I just wanted to get a sense from your vantage point, is the approach here to really push the legislative path to try and actually get the language of the amendment changed, as opposed to just work kind of softer lobbying channels, which was kind of done back in November and December, and, at least as it relates to the initial proposals, didn't seem to have a big impact on the Fed's initial decision-making.

所以，我只是想從你的角度了解一下，這裡的方法是真正推動立法路徑，試圖真正改變修正案的語言，而不是僅僅使用一種更溫和的遊說渠道，這很好早在 11 月和 12 月就完成了，至少就最初的提議而言，似乎對美聯儲的初步決策沒有太大影響。

I learned in November and December that it is foolish to try to predict exactly what Congress will or will not do.

我在 11 月和 12 月了解到，試圖準確預測國會會做什麼或不會做什麼是愚蠢的。

Having said that, I think I lean towards agreeing with you as it relates to the Fed and what they are able or not able to do.

話雖如此，我想我傾向於同意你的觀點，因為這與美聯儲以及他們能做什麼或不能做什麼有關。

And while I don't think that dialoguing with the Fed, or sending opinions to the Fed, or commenting to the Fed about what's already out there, as we are supposed to do, is over, and while I don't necessarily believe that some things can't be changed at the margin, I would say that the focus would be the conventional focus at this particular point in time.

雖然我不認為與美聯儲對話，或向美聯儲發送意見，或就我們應該做的那樣向美聯儲發表評論已經結束，雖然我不一定相信有些事情不能在邊際改變，我會說焦點將是這個特定時間點的傳統焦點。

And our position, as well as I think every other financial institution in the United States, is that the enactment of this legislation should be delayed and the unintended consequences should be studied, and it should require some action to reinstate or to bring into effect anything associated with this amendment, predicated on the findings of that study.

我們的立場，以及我認為美國所有其他金融機構的立場是，應該推遲頒布這項立法，並研究意外後果，並且應該採取一些行動來恢復或實施任何事情與該修正案相關，基於該研究的結果。

Adam Frisch, Morgan Stanley.

亞當弗里施，摩根士丹利。

The question we get a lot is around the fiscal 2012 guide, and while you were able to give the fiscal 2011 outlook, which theoretically includes one quarter of the Durbin impact but not of you on fiscal 2012, so Byron, my question for you is can you provide at least some color on the influences to the P&L in 2012 as a result of the regulatory activity?

我們收到的很多問題都圍繞著 2012 財年指南，雖然您能夠給出 2011 財年的展望，理論上包括四分之一的德賓影響，但不包括您對 2012 財年的影響，所以拜倫，我的問題是您能否就監管活動對 2012 年損益表的影響提供至少一些顏色？

Thank you.

謝謝你。

Thank you for asking, Adam.

謝謝你的提問，亞當。

Our view has been from the beginning that when we guide to 2012, we would like the benefit of being able to interpret the rules that the Fed has promulgated and to put them into the context of the mitigation strategies and our go-forward strategies in the debit arena that we have crafted, knowing that once the rules are clarified, we will know which ones are relevant, we'll be able to much better size the impact by line item, and be able to give to all of you much more thoughtful guidance than we would today, which would be largely speculative.

我們的觀點從一開始就認為，當我們指導 2012 年時，我們希望能夠解釋美聯儲頒布的規則並將其置於緩解戰略和我們在我們精心打造的借方領域，知道一旦規則明確，我們就會知道哪些規則是相關的，我們將能夠更好地按行項目衡量影響，並能夠為大家提供更周到的服務與我們今天相比，這在很大程度上是投機性的。

And so, until the rules are clarified, at which point we'll be able to -- we'll be much more open about what our competitive strategies would be at that time, we are going to defer at least another quarter before we address 2012.

因此，在規則得到明確之前，我們將能夠——我們將對屆時我們的競爭戰略更加開放，我們將至少再推遲一個季度，然後再解決2012 年。

Having said that, we've repeatedly suggested by buying back our own stock and by publicly making comments that we believe that Visa will survive and be a very viable growth company in the future, regardless of the outcome of -- the specific outcome of the legislation.

話雖如此，我們一再建議通過回購我們自己的股票並公開發表評論，我們相信 Visa 將在未來生存並成為一家非常有活力的成長型公司，無論結果如何——具體結果如何立法。

But the specifics of that and the timing of what happens and how things may or may not happen really is, as Byron said, pretty dependent on what the final outcome of everything that is currently happening.

但是，正如拜倫所說，具體情況以及發生的時間以及事情可能發生或可能不發生的方式，很大程度上取決於當前正在發生的一切的最終結果。

The comps, I will remind you that the majority of our growth in the past quarter did not come from the debit-card business.

補償，我會提醒你，我們在過去一個季度的大部分增長不是來自借記卡業務。

Much of it came from outside the United States and from other initiatives that we have within the United States, and I'll remind you that the debit business is about -- in the neighborhood of 20% of our total revenues.

其中大部分來自美國以外的地區以及我們在美國境內的其他舉措，我會提醒您，借記卡業務大約占我們總收入的 20%。

So, I -- and of course, without being specific, we're not going to lose all that business under any circumstances.

所以，我——當然，沒有具體說明，在任何情況下我們都不會失去所有的業務。

So, you're going to have to think about it in your own terms, but we are excited about Visa's future and we'll be specific about how excited we are when we have a framework in which to communicate it.

因此，您將不得不以自己的方式考慮它，但我們對 Visa 的未來感到興奮，並且我們將具體說明當我們有一個可以用來傳達它的框架時我們有多興奮。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天純。

Appreciate all the details.

欣賞所有細節。

Kind of as a follow-up to what Adam just asked, I saw in the 10-Q that you noted it's going to be possible to mitigate the negative impacts from the Reform Act, and I'm curious, are these mitigation efforts going to come from primarily diversifying away from the U.S.

作為亞當剛剛問的後續行動，我在 10-Q 中看到，您指出有可能減輕《改革法案》的負面影響，我很好奇，這些緩解措施是否會主要來自遠離美國的多元化

and growing the international business like you just talked about, Joe?

像你剛才所說的那樣發展國際業務，喬？

Or do you have a game plan in place in the U.S.

或者你在美國有一個遊戲計劃嗎？

to, I guess, reinvent the business model, particularly in debit?

我想，要重塑商業模式，尤其是在藉方？

I'm not really looking for details.

我不是真的在尋找細節。

Just trying to rank the two in terms of priorities as we think about modeling the mid-term to longer-term outlook for Visa.

當我們考慮為 Visa 的中長期前景建模時，只是試圖根據優先級對兩者進行排名。

Well, certainly not all of our mitigation efforts will be focused on increasing our revenue outside the United States, although that is and has been, even prior to Durbin, one of our primary objectives, and it's an important part of who we will be in the future.

好吧，當然不是我們所有的緩解工作都將集中在增加我們在美國以外的收入上，儘管這是並且一直是，甚至在德賓之前，我們的主要目標之一，它是我們將成為的重要組成部分未來。

But there are mitigation efforts that we will back against the business in the United States, and as we've just said, I mean, I'm not going to go into detail, but we're not going to turn our back on the United States, and we expect to grow revenue and develop our business, whatever the outcome of the legislation is.

但是我們會採取一些緩解措施來反對美國的業務，正如我們剛才所說，我的意思是，我不會詳細介紹，但我們不會拒絕美國，無論立法結果如何，我們都希望增加收入並發展我們的業務。

Julio Quinteros, Goldman Sachs.

胡里奧·金特羅斯，高盛。

Byron, real quickly, two expense items a little bit higher than what we were looking for here.

拜倫，真的很快，兩個費用項目比我們在這裡尋找的要高一點。

On the personnel side, obviously it looks like you guys have the inclusion of the CyberSource stuff, and you talked a little bit in the 10-Q about having some additional headcount.

在人事方面，顯然你們已經包含了 CyberSource 的東西，而且你們在 10-Q 中談到了一些額外的員工人數。

And then on the other line item, I guess if you could also address the G&A side with a comment about the reserves for potential government assessment.

然後在另一個項目上，我想您是否也可以在 G&A 方面對潛在政府評估的儲備發表評論。

How big is that, and is that a recurring item or was this a one-time item?

那有多大，是經常性項目還是一次性項目？

On the personnel side, the major call-out is we had -- we are lapping a quarter in which we did not have CyberSource.

在人事方面，主要的呼籲是我們有 - 我們在沒有 CyberSource 的四分之一。

So, we are -- that's the single largest component being added to the personnel line year over year.

所以，我們是 - 這是每年添加到人員線中的最大的單個組件。

And then, in addition to that, we are actively staffing our growth initiatives outside the United States, and so as we continue to put more boots on the ground to drive and accelerate revenue growth outside the U.S., you're going to see some of that in the personnel line, which will be somewhat amplified by the weakening U.S.

然後，除此之外，我們正在積極為美國以外的增長計劃配備人員，因此，隨著我們繼續投入更多的精力來推動和加速美國以外的收入增長，你會看到一些在人事方面，這將被削弱的美國所放大。

dollar.

美元。

So you're seeing some foreign exchange impact in that line as well.

所以你在這條線上也看到了一些外匯影響。

With regards to the G&A line, there are always going to be some factors that are non-recurring that are adjustments to certain reserves.

關於 G&A 線，總會有一些非經常性因素是對某些儲備金的調整。

That's the line item that it appears in, and this quarter, we -- part of that explanation is nonrecurring accruals related to those matters.

這是它出現的行項目，本季度，我們 - 部分解釋是與這些事項相關的非經常性應計項目。

Rod Bourgeois, Sanford C.

羅德·布爾喬亞，桑福德 C.

Bernstein & Company, Inc.

伯恩斯坦公司

Turning away from the Durbin Amendment stuff, can you give us an update on the latest status on the merchant litigation case in the Brooklyn court, and can you give us any thoughts on how to dimension the possibilities for a settlement and what forms the settlement might take?

拋開德賓修正案的內容，您能否向我們提供有關布魯克林法院商人訴訟案件最新狀態的最新信息，您能否就如何確定和解的可能性以及和解可能的形式給我們任何想法拿？

Thanks.

謝謝。

Unfortunately, the answer is no.

不幸的是，答案是否定的。

I can't answer any of those questions.

我無法回答這些問題中的任何一個。

Obviously, the litigation continues, and there are conversations, but beyond that, I really would be foolish to say anything else.

顯然，訴訟仍在繼續，並且有對話，但除此之外，我真的很愚蠢，說別的。

If I could just add one comment, actually to Julio's prior question, Julio, the G&A also is impacted by the addition of CyberSource, so literally all the line items in the P&L are being impacted by the pickup of CyberSource expenses.

如果我可以添加一條評論，實際上對於 Julio 的先前問題 Julio，G&A 也受到 CyberSource 添加的影響，因此從字面上看，損益表中的所有項目都受到 CyberSource 費用增加的影響。

So that's another important driver of that line.

所以這是這條線的另一個重要驅動因素。

Bruce Harting, Barclays Capital.

Bruce Harting，巴克萊資本。

I have two burning questions, but I have to choose.

我有兩個亟待解決的問題，但我必須做出選擇。

Let's see.

讓我們來看看。

I guess -- we agree with your position on the Durbin legislation and unintended consequences, but in the event that the Fed rule stands as is and they extend the exclusivity issue to signature debit, what are the technology difficulties or what would you be lobbying to the Fed right now in argument of not extending the signature?

我猜——我們同意你對德賓立法和意外後果的立場，但如果美聯儲的規則保持不變並且他們將排他性問題擴展到簽名借記，技術困難是什麼或者你會遊說什麼美聯儲現在在爭論不延長簽名？

Indeed, it looks like there are only two networks able to provide that, correct?

確實，看起來只有兩個網絡能夠提供這一點，對嗎？

So, wouldn't that just solidify the strength of the oligopoly that they are worried about policing?

那麼，這難道不會鞏固他們擔心監管的寡頭壟斷力量嗎？

And who pays the cost to change the cards?

誰支付換卡的費用？

Would that be incurred by the banks and how long would it take to implement that change?

銀行會不會發生這種情況？實施這種變化需要多長時間？

Would it take -- would that be something that could be turned around by the banks in terms of reissuing new cards with two networks within a month, or is that a six-month to 12-month issue?

是否需要 - 銀行是否可以在一個月內通過兩個網絡重新發行新卡，或者是六個月到十二個月的問題？

And is it true that the merchant acquirer decides on the routing anyway, and wouldn't they be incentivized to go with -- to stick with you since many of the merchant acquirers are your customers currently and would want to get the discount?

商戶收單機構是否確實決定了路由，並且他們不會被激勵繼續 - 堅持與您合作，因為許多商戶收單機構目前是您的客戶並且希望獲得折扣？

Thanks.

謝謝。

You've asked a lot of extraordinarily good questions.

你問了很多非常好的問題。

And I -- and therein lies the dilemma.

而我——這就是困境所在。

Everything you said is reasonably accurate.

你說的一切都相當準確。

We are in a very good position, and regardless of what happens, I don't think you're going to see any kind of an overnight deterioration and I think you're obviously going to see us doing everything that we can to be the network of choice, and I think that there are many compelling reasons that we can put forth that will help us secure that position.

我們處於一個非常好的位置，無論發生什麼，我認為你不會看到任何一夜之間的惡化，我認為你顯然會看到我們盡我們所能成為選擇網絡，我認為我們可以提出許多令人信服的理由來幫助我們確保這一地位。

And whatever happens, we look forward to using our people and our assets, which we believe in this regard are second to none, to make sure that we come out ahead of the game.

無論發生什麼，我們都期待著利用我們認為在這方面首屈一指的員工和資產來確保我們領先於遊戲。

Jim Kissane, Bank of America Merrill Lynch.

美銀美林的吉姆·基薩內。

Thanks, and thanks for all the color today.

謝謝，感謝今天所有的顏色。

Byron, can you give us a sense of what portion of your U.S.

拜倫，你能告訴我們你在美國的哪個部分嗎？

revenue is from issuers and what portion is from acquirers?

收入來自發行方，哪一部分來自收購方？

Again, just on the U.S.

再說一次，就在美國

side.

邊。

Thanks.

謝謝。

Jim, for some time, it has been plus or minus -- roughly equal, plus or minus.

吉姆，一段時間以來，它一直是正負——大致相等，正負。

It has not materially changed when we talked -- first talked about that.

當我們談論時，它並沒有發生實質性的變化——第一次談到這一點。

I think it was about a year ago.

我想那是大約一年前的事了。

It might be a bit more -- if I were to round it, we would round it a bit more to the acquirer, but there's been no material change since we first voiced that ratio about a year ago.

可能會更多——如果我要對它進行四捨五入，我們會對收購方進行更多的捨入，但自從我們大約一年前首次提出這個比率以來，沒有發生重大變化。

Craig Maurer, CLSA.

克雷格·毛雷爾，里昂證券。

I wanted to follow up on your discussion in mobile.

我想跟進您在移動設備上的討論。

Considering we're likely to see the likes of Google and Apple come out in a big way supporting contactless payments this year, how do you expect or how do you envision the re-terminalization to occur?

考慮到我們今年可能會看到谷歌和蘋果等公司大力支持非接觸式支付，您如何期待或如何設想重新終端化發生？

Do you expect there to be subsidies to get merchants involved who will likely be offering those subsidies, and will we see the tone of Visa's marketing in the U.S.

您是否預計會有補貼讓可能提供這些補貼的商家參與進來，我們是否會看到 Visa 在美國的營銷基調？

change to support some of the issuers that are trying to roll this out?

更改以支持一些試圖推出此功能的發行人？

Thanks.

謝謝。

Visa is supportive of chip technology on a global basis.

Visa 在全球範圍內支持芯片技術。

The timing of what will occur and how it will occur is still somewhat questionable, particularly in the United States.

將發生什麼以及如何發生仍然有些疑問，特別是在美國。

I think that the current state of affairs between the Card Act and the Durbin Amendment has stopped some issuers as it relates to what do they want to invest and how do they want to invest?

我認為卡法和德賓修正案之間的現狀已經阻止了一些發行人，因為這與他們想投資什麼以及他們想如何投資有關？

I don't think that there's any magic wand that is going to automatically make contactless chip terminals or contact chip terminals automatically appear in an overwhelming way in the United States.

我不認為有什麼魔杖會自動使非接觸式芯片端子或接觸式芯片端子自動在美國以壓倒性的方式出現。

I think that that will indeed take some time, and I think most issuers and even merchants believe that to be the case.

我認為這確實需要一些時間，而且我認為大多數發行人甚至商家都認為是這樣。

I'm not certain, but I actually think there are somewhat fewer contactless terminals today than there may have been a year ago.

我不確定，但我實際上認為今天的非接觸式終端比一年前可能要少一些。

So, we've got -- there are issues in that regard as it relates to standards -- chip standards.

所以，我們有——在這方面存在與標準相關的問題——芯片標準。

There isn't one contactless chip standard around the world, and so all of this has to be reconciled before it becomes -- we become a country where people walk around with cell phones and just automatically walk into face-to-face merchants and swipe their cell phone on a contactless.

世界上沒有一個非接觸式芯片標準，因此所有這一切都必須在它成為之前得到協調——我們成為一個人們帶著手機四處走動，自動走進面對面的商家並刷卡的國家他們的手機是非接觸式的。

That being said, there is an inextricable momentum to mobile technology, and whether -- and contactless chips and that sort of thing that is beginning to occur, and it will manifest itself over some period of time.

話雖這麼說，移動技術有著不可分割的勢頭，以及是否——以及非接觸式芯片以及開始出現的那種東西，它會在一段時間內顯現出來。

We are extraordinarily involved in those efforts, and things that we are doing in that regard will become apparent as each quarter goes on, and we're reasonably confident that we have invested the right time and effort and capital into taking our business in the appropriate direction.

我們非常參與這些努力，隨著每個季度的進行，我們在這方面所做的事情將變得顯而易見，並且我們有理由相信，我們已經投入了正確的時間、精力和資金，以在適當的情況下開展我們的業務方向。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼，KBW。

I'm going to ask some easier questions.

我要問一些更簡單的問題。

Just model related, Byron, on that personnel color that you provided, so that delta year over year, is that something we should extrapolate for the remainder of the year across the quarters?

拜倫，僅與模型相關，與您提供的人員顏色有關，因此每年的增量是我們應該在今年剩餘時間跨季度推斷的東西嗎？

And then, you mentioned rebates kind of coming in within the same range you guys had articulated.

然後，你提到回扣在你們所說的範圍內。

That would suggest that the next three quarters' run rates are probably going to be higher than what we saw in the first quarter, obviously.

這表明接下來三個季度的運行率可能會高於我們在第一季度看到的，顯然。

Is there any kind of seasonality that we should expect within that trend?

在這種趨勢中，我們應該期待任何類型的季節性嗎？

And I guess that's it.

我想就是這樣。

Thank you.

謝謝你。

On the first one, with regards to personnel, as you readjust your models for that line item, it would make sense to look at the fourth quarter of last fiscal year, recognizing that we integrated CyberSource in, I think, the last two months of the quarter, so you should see a beginning step-up in personnel expense the next -- so the quarter just completed.

在第一個方面，關於人員，當您為該項目重新調整模型時，查看上一財年第四季度是有意義的，我認為我們在過去兩個月將 CyberSource 整合到了這個季度，所以你應該會看到下一個季度的人事費用開始增加——所以這個季度剛剛結束。

That's much more representative of what you should be thinking about going forward, recognizing that there's always going to be some degree of lumpiness in personnel as we make various accruals.

這更能代表你應該考慮的未來，認識到在我們進行各種應計項目時，人事總是會有一定程度的波動。

But I would -- we would suggest keying more off the first quarter.

但我會 - 我們建議在第一季度進行更多的調整。

The -- as it relates to -- our word, our expression, is client incentives.

我們的詞、我們的表達方式——就其相關而言——是客戶激勵。

I think another company uses rebates.

我認為另一家公司使用回扣。

With regards to client incentives, this is -- as we've talked about historically, this is a category that is -- that tends to be a bit lumpy quarter to quarter based on when certain contracts are signed, when renewals are signed, and so, if -- rather than seasonality, let's use, it's a bit lumpy.

關於客戶激勵，這是 - 正如我們在歷史上所討論的那樣，這是一個類別 - 根據簽署某些合同的時間、簽署續約的時間以及所以，如果 - 而不是季節性，讓我們使用，它有點笨拙。

And therefore, we came in a bit lower than our full-year guidance in the first quarter.

因此，我們在第一季度的業績略低於我們的全年指引。

Therefore, you should see some -- in future quarters, we would expect it to come in a bit higher, to average out somewhere between 16 and 16.5 on a full-year basis.

因此，你應該看到一些——在未來幾個季度，我們預計它會更高一些，全年平均在 16 到 16.5 之間。

Chris Mammone, Deutsche Bank.

德意志銀行的克里斯·馬蒙。

Just a question on rest of world credit volume.

只是關於世界其他地區信貸量的問題。

A nice pickup in the most recent data, so I'm just wondering if you had anything to call out there as to what's sort of driving that solid growth rate?

最新數據中的一個不錯的回升，所以我只是想知道你是否有什麼要說的，是什麼推動了這種穩健的增長率？

So, on rest of world credit volume, looking at it on a constant-dollar basis, it has been pretty steady, again on a constant-dollar basis, pretty steady double-digit, mid-teen double-digits through 2010, and January picked up a little bit, but that's -- no, the first quarter picked up a little bit.

因此，就世界其他地區的信貸量而言，以固定美元為基礎來看，它一直相當穩定，再次以固定美元為基礎，相當穩定的兩位數，到 2010 年和 1 月的中期兩位數有所回升，但那是 - 不，第一季度有所回升。

So it looks like very sustained positive momentum.

因此，它看起來像非常持續的積極勢頭。

Our transaction volume is picking up.

我們的交易量正在增加。

Our process transactions are picking up outside the United States, so that's encouraging.

我們的流程交易在美國以外的地區有所增加，這令人鼓舞。

And the cross-border travel outside the United States has remained very, very healthy, so -- with January a pickup over the first-quarter levels by a couple of points.

美國境外的跨境旅行一直非常非常健康，因此 - 1 月份比第一季度的水平回升了幾個百分點。

So, from that standpoint, the economic momentum out -- for rest of world appears very solid, very sustained, both from a domestic standpoint and from a cross-border standpoint.

因此，從這個角度來看，無論從國內角度還是從跨境角度來看，世界其他地區的經濟勢頭都顯得非常穩固、非常持續。

Bryan Keane, Credit Suisse.

瑞士信貸的布萊恩·基恩。

I guess just two questions.

我想只有兩個問題。

I guess, first, do you have any indication from Washington that getting the Durbin Amendment delayed is a realistic outcome, meaning is there some real legs behind this right now?

我想，首先，您是否有任何來自華盛頓的跡象表明推遲德賓修正案是一個現實的結果，這意味著現在這背後有一些真正的支持嗎？

And then, secondly, just on mobile payments, how will the economics change with the new competitors getting involved, like Apple, Nokia, Isis, and others?

其次，就移動支付而言，隨著蘋果、諾基亞、伊希斯等新競爭對手的加入，經濟將如何變化？

Or do you think the economics of Visa, like they have in the physical world, will be the same in the mobile world?

或者你認為 Visa 的經濟性，就像它們在物理世界中的一樣，在移動世界中會是一樣的嗎？

Thanks so much.

非常感謝。

I can't predict what Congress is going to do.

我無法預測國會將要做什麼。

I can remind you that there is a significant effort that is going on that is embraced by large banks, midsize banks, small banks, credit unions.

我可以提醒您，大型銀行、中型銀行、小型銀行、信用合作社正在做出重大努力。

I think that you will see some reaction from consumers because, in our opinion, consumers have been thrown under the bus in this legislation.

我認為你會看到消費者的一些反應，因為在我們看來，消費者已經在這項立法中被拋棄了。

And so, in that regard, I would have to think that just through some of the conversations we've had and because it is the right thing, and I want to emphasize it is the right thing.

因此，在這方面，我不得不認為，僅通過我們進行的一些對話，因為這是正確的事情，我想強調這是正確的事情。

We are on the right side of this issue.

我們在這個問題上是正確的。

I'd like to think that something will happen, and I would like to think, as I said earlier, that it will take the form of a delay in the implementation of the legislation until the unintended consequences can be better assessed.

我想會發生一些事情，而且我想，正如我之前所說，這將採取延遲實施立法的形式，直到可以更好地評估意外後果。

So, but I can't promise you that.

所以，但我不能向你保證。

I can't tell you that I've had secret conversations with anybody, and that this is a slam dunk because none of those things would be true.

我不能告訴你我和任何人有過秘密談話，這是一個灌籃，因為這些事情都不是真的。

So, now that I've answered that, I forgot the second part of -- oh, mobile.

所以，既然我已經回答了這個問題，我就忘記了——哦，移動的第二部分。

You know, that's an interesting question.

你知道，這是一個有趣的問題。

But when you look at mobile technology, as I said just a few minutes ago, it's coming or it's here, however you want to define it.

但是當你看到移動技術時，正如我幾分鐘前所說，它即將到來或已經到來，但你想定義它。

It makes it easier for people to shop.

它使人們更容易購物。

It opens up new avenues of things that may be purchased through your wallet.

它開闢了可以通過您的錢包購買的東西的新途徑。

And there are a lot of technology companies that have significantly positive offerings or capabilities in this regard.

並且有很多科技公司在這方面有非常積極的產品或能力。

Visa also has significant capability.

Visa也有很大的能力。

We still have VisaNet.

我們仍然有 VisaNet。

We still have a whole processing infrastructure.

我們仍然擁有完整的處理基礎設施。

There is still 1.8 billion cardholders around the world.

全球仍有 18 億持卡人。

And we have been vigorously looking at and working on the technology.

我們一直在大力研究和研究這項技術。

And we think we're going to be in a very good position as it relates to this -- to the evolution of mobile technology in the electronic payments business.

我們認為我們將處於非常有利的位置，因為這與電子支付業務中移動技術的發展有關。

I think that it will afford us some revenue opportunities that we currently don't have.

我認為這將為我們提供一些我們目前沒有的收入機會。

And I think that will be a very positive thing.

我認為這將是一件非常積極的事情。

Will it change some of the other economics we have?

它會改變我們擁有的其他一些經濟學嗎？

I mean, it could.

我的意思是，它可以。

It could.

它可能。

But when we look at the overall landscape, we're very comfortable that this is a positive thing for Visa and will be a positive thing going forward.

但是，當我們審視整體情況時，我們很高興這對 Visa 來說是一件積極的事情，並且將是一件積極的事情。

And remember, we don't not talk to these other entities that you're referring to, and they do need some of the capabilities that we have.

請記住，我們不會與您所指的其他實體交談，它們確實需要我們擁有的一些功能。

They're either going to have to provide them themselves or they're going to have to come to somebody like us to get them, so there are compelling reasons for partnerships to occur.

他們要么必須自己提供，要么必須到像我們這樣的人那裡才能得到它們，所以建立夥伴關係有令人信服的理由。

You know, a significant -- even when you look at somebody like PayPal, let's not forget that a significant amount of their business is driven through Visa and MasterCard, and that isn't about to change in the near future, and I know that's not totally analogous to mobile technology, but I think that what Visa has put together over the years is very compelling as it relates to what it brings to the party from a speed or reliability, a privacy and a security point of view.

你知道，一個重要的 - 即使你看看像 PayPal 這樣的公司，我們不要忘記他們的大部分業務是通過 Visa 和 MasterCard 驅動的，而且在不久的將來不會改變，我知道那是不完全類似於移動技術，但我認為 Visa 多年來整合的內容非常引人注目，因為它從速度或可靠性、隱私和安全的角度為派對帶來了什麼。

I don't think we're going to let that go.

我不認為我們會放手。

With that, we have time for a final question.

有了這個，我們有時間回答最後一個問題。

Glenn Greene, Oppenheimer & Co.

格倫·格林，奧本海默公司

I'll make this quick.

我會盡快完成的。

Just for Byron, the services yield went up pretty significantly Q-to-Q, and I think you alluded to a pricing change in the quarter.

就拜倫而言，服務收益率 Q-to-Q 大幅上升，我認為你提到了本季度的定價變化。

Does that account for the whole differential and the yield, and is it sort of a sustainable yield level going forward?

這是否解釋了整個差異和產量，這是否是一種可持續的產量水平？

That is the primary driver, and that would be sustainable going forward.

這是主要的驅動力，這將是可持續的。

Thank you all very much for joining us today.

非常感謝大家今天加入我們。

If anybody has any follow-up questions, feel free to call investor relations.

如果有人有任何後續問題，請隨時致電投資者關係部。

Thank you.

謝謝你。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。